Wills and Powers of Attorney
Written and accurate as at: Feb 23, 2017 Current Stats & Facts
Have you got a Will?
Do you think your Will needs to be reviewed or updated?
Have you got a Power of Attorney?
Which type of Power of Attorney is for you?
These are important questions that unfortunately are often put into the “I’ll get to it eventually” basket.
Last year we announced the closer association of TCFS with a leading local legal firm, Maguire and McInerney Lawyers. Maguire and McInerney have a great team behind them to address all your legal needs across a range of services include Family Law, Criminal Law, Personal Injury, Motor Vehicle accidents etc. In this blog, we are referring you to their specialist Wills and Estate Planning Team that we recommend you make the time to speak to.
Having a valid Will in place can help ensure your Estate is distributed in the way you want and to your preferred beneficiaries after you have passed away. Fortunately, there is legislation in place that would distribute your Estate to a predetermined lineage of family members if you don’t have a Will in place when you pass away.
However, do you really want this legislation to determine who receives a benefit from your Estate? What if you have children from a previous marriage that you want to ensure are catered for? What if you have a desire to leave more to some beneficiaries as opposed to others?
Unfortunately, we have seen instances where a Will was not properly worded. This can lead to a Will being challenged in the Courts. The most disappointing part of this is that it added additional distress to the surviving family members in an already difficult time.
When you review your Will, be sure to speak to Maguire and McInerney about getting a Power of Attorney (POA) in place as well as the types of POAs and how a POA works etc.
Maguire and McInerney can help you work through these issues to help ensure your Will is going to do what you want it to. You can meet Maguire and McInerney at our office in Port Kembla or in their office in Wollongong by contacting them on 02 4228 5911.
This information (including taxation) is general in nature and does not consider your individual circumstances or needs. Do not act until you seek professional advice and consider a Product Disclosure Statement.
Financial Lifestyle Solutions T/as Terry Cross Financial Service is a Corporate Authorised Representative of Millennium3 Financial Services Pty Ltd ABN 61 094 529 987 Australian Financial Services Licensee - Licence No: 244252. 7/50 Borthwick Ave MURARRIE QLD 4172
