Your basic estate plan explained
Do you know the answers to these questions?
Who will receive your assets if you die?
Who will be the legal guardian of your young children if you die?
Who will sign legal documents for you if you are mentally incompetent or unable to sign?
Who will make your health care decisions for you if you can’t?
Will your doctor follow your wishes regarding your end of life care?
Who will receive your superannuation death benefits?
If you do not know the answers to all of the above questions you are likely to have an incomplete or no estate plan.
What is a basic estate plan?
A will in which you instruct your executor how to distribute your assets on your demise and appoint a legal guardian for your minor children.
An enduring power of attorney in which you appoint 1 or 2 designated persons to decide for you regarding financial, legal and property matters if you are not available or if you cannot make decisions because of mental incapacity.
An enduring power of guardianship in which you appoint 1 or more people to decide for you regarding your healthcare and personal choices if you cannot make decisions because of mental incapacity.
An advance health directive for your doctors regarding end of life medical care.
A binding death benefit nomination regarding the payment of your superannuation death benefits.
The most successful medical treatment is prevention. Preventative law catches problems before they escalate. Take a proactive approach and minimise the risk of litigation and unnecessary expenses - do your estate planning.
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