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Tag: Superannuation

Why should I make an Enduring Power of Attorney

By signing an Enduring Power of Attorney you appoint one or more persons who you rely upon and trust to look after your assets and to speak to doctors and health practitioners when you are not
well enough to do so. This may follow an accident or a medical procedure.

Imagine you are taken to hospital and you are not responsive. The hospital staff will speak to your appointed Attorney, your mother, father, son or daughter and discuss what can be done for you and what you had told your Attorney to do in such an event.

If there is not an Attorney appointed then a family member will have to go to the Queensland Civil and Administrative Tribunal and explain what is the problem and ask to be appointed to look after you. In that event, there will be delays of many weeks, and of course, costs.

Making a Will

By making your Will you appoint your choice of Personal Representative to carry out your wishes after you die. That person is called your Executor and who holds all of your property as Trustee for your named beneficiaries.

In your Will, you set out what level of provision you will give to your beneficiaries. You may decide one is more deserving than another.

If the Will is carefully prepared, signed and dated you can expect your Will to be carried out, and if necessary, supported by the Court.

If you do not have a Will you are said to die Intestate. In that event the State Laws will determine who your Executor will be and who is to receive your estate. This will add to the costs of finalising your estate.