It’s never too early to start planning for your future, and one essential aspect of this is creating a Will and Enduring Power of Attorney.
The Importance Of A Will And Enduring Power Of Attorney
Regardless of whether you believe you have assets to leave behind, having a Will is crucial. A Will appoints an executor to administer your estate and outlines how your property and personal items should be distributed. An Enduring Power of Attorney is equally important as it allows you to appoint someone to act on your behalf if you’re unable to make decisions. This document is especially crucial in situations where you may be incapacitated due to an accident or illness.
What Happens If Your Will Isn’t Up To Date?
If your Will isn’t up to date, it may not reflect your current wishes or circumstances. This could result in unintended consequences such as assets going to unintended beneficiaries, important details being left out, or taxes being higher than they need to be. Additionally, changes in laws and regulations may render certain provisions of an outdated Will invalid or ineffective. To ensure that your wishes are carried out as intended and to avoid potential disputes among beneficiaries, it’s recommended to review and update your Will regularly. It’s especially important after major life events such as marriage, divorce, birth of children, or changes in financial circumstances.
What To Consider When Updating Your Will
When updating your Will, it’s important to consider any changes in your personal circumstances. This could include marriage, divorce, children, or acquiring new assets. It’s essential to ensure your Will reflects your current wishes and that your executor is someone you trust to carry out your wishes.
What To Consider When Updating Your Enduring Power Of Attorney
Similar to updating your Will, it’s important to consider any changes in your personal circumstances when updating your Enduring Power of Attorney. This could include changes in your health or the person you’ve appointed as your attorney.
When choosing a power of attorney, it’s crucial to consider who you trust to make decisions on your behalf, who has the necessary skills and expertise, and who is available and willing to take on the responsibility. You may want to choose a primary power of attorney and also name a backup in case the primary is unable to fulfil their duties.
It’s recommended to discuss your decision with the person(s) you have in mind before formally appointing them as your power of attorney to ensure they are comfortable with the responsibility and understand your wishes. Additionally, it’s important to make sure the power of attorney documents comply with your state’s laws and requirements.
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With the help of our guide, you can create an estate plan that provides peace of mind and ensures your loved ones are taken care of. Download our guide “What to Consider When Planning Your Will and Enduring Power of Attorney” here.