Estate planning is not only about what happens when you die. It is also about who can make decisions for you if you lose the ability to do so yourself.
Your will
A valid will under the Wills Act 2007 lets you choose who administers your estate and who receives your assets. Without one, the law decides under intestacy rules, which may not match your wishes.
Assets that may pass outside your will
- Property held as joint tenants (the survivor generally takes it).
- Assets owned by a family trust.
- Some insurance and superannuation benefits with nominated beneficiaries.
Claims against an estate
Even with a will, certain people can make claims, for example under the Family Protection Act 1955 or the Property (Relationships) Act 1976. Good planning anticipates these. The Law Commission has recommended reform of succession law, but the current law continues to apply.
Marriage and wills
Entering a marriage or civil union generally revokes an earlier will unless the will was made in contemplation of it. Review your will after any major life event.
Enduring power of attorney (EPA)
An EPA lets you appoint someone you trust to act if you lose capacity. There are two types under the Protection of Personal and Property Rights Act 1988:
- Property EPA: managing your finances and property.
- Personal care and welfare EPA: decisions about your health and care, which take effect only if you lose capacity.
Without an EPA, your family may need to apply to the Family Court for authority, which is slower, costlier and more intrusive.
When to review
Update your documents after marriage or separation, new children or grandchildren, a death in the family, buying or selling property, or setting up a trust.
We can prepare wills and EPAs, and make sure they work together with your trust and property arrangements.
General information only, not legal advice.
