Wills and Estates Planning
An effective estate plan can be tailored by Karnib Law Group to suit your specific needs and circumstances. Estate planning is more than just having a Will and it is imperative to consider various aspects of your life, including financial and personal circumstances. At Karnib Law Group, we can assist you to put the right documents in place to put your mind at ease that your estate will be managed if the unforeseen occurs.
Will
A Will is a powerful legal document that will only operate after your death and is used to direct how your assets should be distributed. You can update, change, or revoke your Will at any point in time provided you have the legal capacity to do so, and you have not entered into a contract to make the Will unable to be changed, such as an agreement to make Mutual Wills.
The team at Karnib Law Group can assist you in preparing a valid Will adhering to your wishes and are able to provide you with accurate legal advice on the effects of your testamentary wishes.
If you pass away without a valid Will in place, then your estate will be distributed pursuant to the intestacy provisions located in Chapter 4 of the Succession Act 2006 (NSW). If this occurs, your assets may be inherited by people who you do not wish to benefit and people you do wish to benefit may miss out. It is imperative that you have a valid Will in place to ensure your testamentary wishes are carried out and your assets are inherited by the right people.
It is of the utmost importance that you have your Will prepared by a Solicitor and especially by a Solicitor at Karnib Law Group for the following reasons:
Contemporaneous records of your wishes will be kept;
The original Will can be kept safe and secure in our safe custody;
No one will be able to tamper with the document without your knowledge; and
The contents of your Will and any such information will be kept confidential and not disclosed to any other person;
A Will prepared by a Solicitor is not as easily challenged as a homemade Will or an informal Will;
An experienced Solicitor at Karnib Law Group will guide you through the process of completing your Will and answer any and all of your questions promptly.
Testamentary Trust
A testamentary trust is a more complex Will that creates a trust or trusts after the death of the Will maker. The trust assists in safeguarding assets from third-party creditors, protects at-risk beneficiaries and provides potential tax advantages. The team at Karnib Law Group will be able to provide you with expert advice as to whether a testamentary trust is the best fit for your specific circumstances.
Mutual Wills
Mutual Wills are made by two or more individuals upon reaching an agreement with each other, as to how their property will be distributed to the beneficiaries upon death. Usually, Mutual Wills are made between husbands and wives as well as blended families.
A party to a Mutual Will is required to take a prior consent from the other party before changing or amending the Will. If one party dies, the survivor is still bound by the terms and conditions of the Mutual Will to dispose of the assets as agreed with the deceased party. The agreement between the parties is an essential factor of a Mutual Will wherein neither of them can revoke their Will without taking prior consent of each other.
The team at Karnib Law Group will be able to provide you with expert advice as to whether Mutual Wills are the best fit for your specific circumstances.
Power of Attorney
A power of attorney is a commanding legal document that allows you to legally appoint someone (can be a trusted family member or a friend) to act on your behalf regarding your financial and legal affairs.
A power of attorney is vital to have in the event you lose capacity (whether temporarily or permanently) to make your own decisions. In such a circumstance, your legally appointed attorney can make financial and legal decisions on your behalf. If you do not have a Power of Attorney in place and you lose capacity, then someone will have to make an application to the NSW Civil and Administrative Tribunal to be appointed as your financial manager. Having a power of attorney can ensure the person you chose is the person that will manage your financial and legal affairs as well as prevent family disagreements of who will manage your affairs. You can update, change, or revoke your power of attorney at any point in time provided you have the legal capacity to do so. It should be noted that doing a new power of attorney does not automatically revoke a previous power of attorney.
The power of attorney can be:
A general power of attorney which will ceases to operate if the person that made it loses capacity; or
An enduring power of attorney, which will continue to operate even if the person that made it loses capacity.
Certain restrictions can also be placed on the power of attorney to limit what can be done by an attorney. It can also operate for a limited time, such as while you are travelling overseas, for a one-off transaction, take effect indefinitely from the time you lose mental capacity or can operate as soon as the attorney signs accepting the appointment as attorney. You can appoint one or more persons to act as your attorney and you can say how you want them to make decisions, whether they can do so on their own or jointly.
The team at Karnib Law Group can provide you with the necessary information and advice so that you can have the right documents in place.
Enduring Guardianship
An Enduring Guardianship document usually goes hand in hand with a power of attorney and is a document of utmost importance. An Enduring Guardian is different to a power of attorney, where the power of attorney deals with financial and legal affairs, the Enduring Guardianship deals with medical, health and lifestyle decisions.
The Enduring Guardianship document comes into effect if you lose the capacity to make medical, health and lifestyle decisions for yourself. In such a circumstance, your legally appointed enduring guardian can make medical, health and lifestyle decisions on your behalf. If you do not have an Enduring Guardianship in place and you lose capacity, then someone will have to make an application to the NSW Civil and Administrative Tribunal to be appointed as your guardian. Having an Enduring Guardianship in place can ensure the person you chose is the person that will manage your medical, health and lifestyle affairs as well as prevent family disagreements of who will manage your affairs.
You can update, change, or revoke your Enduring Guardianship at any point in time provided you have the legal capacity to do so. It should be noted that doing a new Enduring Guardianship does not automatically revoke a previous Enduring Guardianship.
The person you appoint as your enduring guardian is entitled to your medical records and information to the extent that it is necessary to assist them in carrying out their functions. Certain restrictions can also be placed on the enduring guardian to limit what can be done by them. You can appoint one or more persons to act as your enduring guardian and you can say how you want them to make decisions, whether they can do so on their own or jointly.
The team at Karnib Law Group can provide you with the necessary information and advice so that you can have the right documents in place.
