Wills and Estate Planning in Ringwood
The Importance of Estate Planning
It’s difficult to think about our own mortality, and when we’re still relatively young, making a Will might feel unnecessary. However, life is unpredictable, and it’s important to ensure that your hard-earned assets and legal interests, such as guardianship of your children, are handled by someone you trust, and most importantly, according to YOUR wishes.
At Sontag Legal, we provide caring and practical estate planning services for families in Ringwood and surrounding suburbs all across Melbourne.
What Happens if You Die Without a Will?
Without a valid Will, a Court-appointed administrator will have to make decisions about how to distribute your assets based on the law, not your preferences. This could also mean that your children may end up in the care of someone you wouldn’t have nominated, or someone who may never have considered the responsibility.
Appointing an Executor to Manage Your Estate
A Will serves to appoint an executor, someone you trust to carry out your wishes after you pass. The executor is responsible for managing your estate and ensuring your instructions are followed.
Appointing a Trustee for Inheritance and Asset Management
If there are specific assets or parts of your estate that you want to go to certain people, your Will can clearly outline that. You can also nominate a trustee to manage any inheritance for beneficiaries, such as children, until they are of age.
Reviewing and Updating Your Will for Effective Estate Planning
It’s important to remember that if there are significant changes in your life, like the birth of a child, a divorce, remarriage, or a shift in your relationship with one of your beneficiaries, you should update your Will. These changes can impact how your assets are distributed and affect the validity of your existing Will, so keeping this legal document up-to-date is crucial for effective estate planning.
Based in Ringwood, Sontag Legal can help ensure your Will accurately reflects your current wishes and circumstances.
Why is a Will so important?
With a properly constructed Will prepared by Sontag Legal Solutions you can assure yourself that your assets and children’s interests are expertly protected and will be executed with compassion when your family needs it most.
Powers of Attorney in Ringwood: Protecting Your Rights and Wishes
Understanding an Enduring Power of Attorney
By creating an Enduring Power of Attorney, you ensure that the person you appoint will act in your best interests, whether it’s for managing finances or making medical decisions. Sontag Legal Solutions recommends creating an Enduring Power of Attorney when you make or update your wills and powers of attorney, ensuring that your wishes are respected in case of incapacity.
Why You Should Appoint Someone with an Enduring Power of Attorney
If you become incapacitated or unable to make decisions for yourself, your Attorney can step in and manage your affairs. It’s crucial to sign an Enduring Power of Attorney while you are still alive and capable, so you can choose someone you trust to make decisions on your behalf.
The Importance of Appointing Someone You Trust
By creating an Enduring Power of Attorney, you ensure that the person you appoint will act in your best interests, whether it’s for managing finances or making medical decisions. Sontag Legal Solutions recommends creating an Enduring Power of Attorney when you make or update your wills and powers of attorney, ensuring that your wishes are respected in case of incapacity.
The Risks of Not Having an Enduring Power of Attorney
Without an Enduring Power of Attorney, if you are unable to make decisions for yourself, VCAT (Victorian Civil and Administrative Tribunal) will be required to appoint someone to manage your affairs. This person may not be someone you would have chosen, and it could also result in delays in managing your important matters.
Appointing an Attorney for Advance Care and Medical Decisions
An Attorney may also be given the authority to make medical decisions on your behalf, providing guidance on your advance care preferences if you’re unable to express them due to illness or incapacity. It’s vital to have clear instructions to avoid confusion during critical times.
At Sontag Legal, we provide clear, compassionate advice on advance care planning for clients in Ringwood and across Melbourne.
FAQ
Can I change my Will after it's been created?
Yes, you can change your Will at any time, as long as you’re mentally capable. It’s important to review and update your Will regularly, especially after significant life events such as marriage, divorce, the birth of a child, or changes to your financial situation.
Does my superannuation form part of my Will?
Superannuation is typically not covered by your Will, as it is managed separately by your super fund. However, you can nominate a beneficiary for your superannuation, which should be reviewed regularly to ensure it aligns with your wishes. If you don’t nominate a beneficiary, the super fund will determine who receives your benefits, according to their rules.
What happens to my assets if I'm in a de facto relationship?
In Australia, a de facto partner can inherit assets under a Will, similar to a spouse, as long as they are specifically named in the Will. If there is no Will, the laws of intestacy will apply, and a de facto partner may be entitled to a share of the estate if they were in a committed, dependent relationship with the deceased.
What is a testamentary trust in a Will?
A testamentary trust is a trust created by your Will that comes into effect after your death. It allows you to control how your assets are distributed to beneficiaries, such as providing for minors or individuals with special needs. Testamentary trusts can also offer tax benefits and asset protection.
What is probate, and do I need it?
Probate is the legal process through which a Will is validated and the executor is granted authority to administer the deceased’s estate. In Victoria, probate is typically required for the executor to manage and distribute the estate according to the Will. If there is no Will, the court will appoint an administrator to handle the estate according to intestacy laws.