Wills & Power of Attorney
What is a Will?
A Will comes into effect after your death and can ensure your wishes are met after you are gone.
Your Last Will and Testament is a very important document and outlines where and how your possessions and estate are distributed after your death. If you die without a will, you are considered to have died “intestate” and the distribution outlined in the current law will be followed to wind up your estate and distribute your assets.
Your Will can ensure that your estate is distributed and your loved ones are looked after as per your wishes. Your Will gives authority to your named Executor/Trustee to wind up your affairs and distribute your assets. Your Executor/Trustee should be someone who is able to manage the many tasks associated with winding up your estate. This will include paying off your debts and funeral expenses, compiling a list of assets and liabilities, contacting beneficiaries, selling assets, preparing your final tax return, and distributing your estate as described in your Will.
What is a Power of Attorney?
A Power of Attorney is a document where an adult names someone as their “Attorney” and gives them power to look after the financial affairs of the adult. The Power of Attorney can be specific to a certain task, ie. sale of a property while the adult is out of the country, or can be specific to a time period, ie. valid only for one year. A Power of Attorney is valid during the lifetime of the adult, or until it is revoked. An enduring Power of Attorney is valid when you are no longer mentally capable.
A Notary Public is trained and legally authorized to prepare Wills and Powers of Attorney.