No-one wants to think about getting seriously ill or being told that your disease is not going to get any better. But sadly, it does happen, especially as we get older.

If this happens to you, you should make time to do some practical things which will make life a little easier for you and your loved ones. You should try to do them as soon as you can, just in case your physical or mental capacity to do them starts to decline more quickly than you expected.

Will

If you have a Will, make sure it is in order and in line with your wishes. Check on the names of your executors and your beneficiaries, in case your relationship with them has changed, or if they have died or moved overseas. You should check that you know where the original of the Will is being kept and that your executors and/or family know as well.

If you have no Will, then it is very important that you prepare one, so that you can control who will inherit your assets and who will administer the Will.

We urge you to see a solicitor about your Will, rather than trying to write it yourself. DIY Wills tend to cause more problems than they solve!

Superannuation

Superannuation does not usually form part of the estate which is covered by your Will. Separate arrangements must be made with the super fund to ensure that your death benefits from super are paid to the beneficiaries you choose. There are very strict rules about this, so it is important that you ensure that you obtain advice about nominating beneficiaries.

Super is also relevant where a person may wish to ‘cash out’ their super balance. This can be done in certain circumstances and may have tax benefits for some beneficiaries. Broadly speaking, a person can access their super if:

  • they have met the usual requirements for retirement; or
  • there are compassionate grounds; or
  • they have a terminal medical condition or permanent incapacity.

It is advisable that you discuss superannuation issues with your financial advisor, accountant and estate planning lawyer.

Enduring Power of Attorney (ACT and NSW) and Enduring Guardian (in NSW)

These documents will be needed if you ever lose the capacity to make your own decisions. An attorney and/or guardian can then step in and make decisions for you about your healthcare, your personal care and your property and finances.

If you do not have these documents, then your family or friends may need to apply to a Tribunal to ask to be appointed as your attorney and/or guardian, so that they can make decisions for you. This process may take time and cost money. The Tribunal might also appoint someone who you might not have chosen, so it is best that you choose your own attorney and/or guardian.

Advance Care Plan/Directive

This document allows you to put in writing your wishes about your future healthcare, so that health professionals and your attorney/guardian know how you want them to act. Each state has its own form but in all cases, it is most useful if you discuss it with your treating healthcare provider, who can answer questions you might have about medical matters.

Organ donation

If you have particular wishes about organ donation, you should make sure that your family or attorney/guardian know about them. You may wish to put your name on the national Organ Donor Register.

Planning for a new home or modifications to your current home

You may wish to make arrangements at an early stage about whether you can continue living in your current home or whether a move to a smaller or more supported home might be practical. If you wish to stay at your home, you might consider making improvements or adjustments to allow you to live there for longer and more comfortably.

You may also consider choosing your preferred facility should you ever need to move to a high-care environment. We laugh about our children being the ones to choose our nursing homes but there is nothing to stop someone making their own choice for this type of living while they retain the capacity to do so. You could then make that choice known to your attorney and/or guardian, so they know your wishes in advance.

Business succession

Special arrangements need to be made if you own or operate a business. Issues to think about include:

  • Everyday management of the business if you are sick or have died.
  • How control of the business will be transferred to your family, business partners, employees, purchasers – putting in place a succession plan.
  • Company powers of attorney, so an attorney can act for the company while a director cannot.
  • Passing control of a trust if you die or lose capacity.

Making paperwork easier

You should try to make sure that your future executor or attorney will have access to the information that they need in order to do their job. In the ‘old days’, a filing cabinet would contain everything they need to know but in these days of electronic documents, it might be much more difficult for someone to find this information.

You could prepare a document or instruction manual for your affairs, including such information as:

  • Where your original Will, Enduring Powers of Attorney and other important documents are kept.
  • Names and contact details of important family members.
  • Names and contact details of your solicitor, accountant, financial planner, business partner(s) and other key advisors.
  • A copy of any letters which you have prepared for your Executor/Attorney or the Guardian of your children.
  • A list of all of the real property that you own.
  • Copies of mortgage documents.
  • Details of your bank accounts, including term deposits and credit cards.
  • Copies of your latest superannuation fund annual statements and of binding death benefit nominations that you have done.
  • Copies of insurance policies – life, house, contents, vehicle.
  • Share portfolio details or copies of share ownership documents.
  • Copies of previous tax returns.
  • Records of any loans that you have given (eg. To your children).
  • Copies of any loan agreements that you have signed.
  • Funeral wishes, including plans that you have paid for or details of pre-paid arrangements.

Ready to get your affairs in order? MV Law’s experienced Will Lawyers in Canberra can guide you through every step of estate planning and will preparation across ACT and NSW. Contact us today to protect your future and your family’s peace of mind.

MV Law Canberra

Ph: (02) 6279 4444

Email: info@mvlaw.com.au