We all know that we should have a Will, but it’s not the only important life document you should consider when it comes to estate planning. We have put together a list of things you should consider as part of your estate planning.
1. A standard Will
A Will is typically what most people think of when discussing estate planning. The legal document sets out how to distribute your estate following your death. It includes things like property, money, possessions, investments and shares along with your beneficiaries.
2. Statement of Wishes
If you would like to express your wishes to assist your executors when they administer your estate, a Statement of Wishes is the legal document you need. While it is not a legally binding document, it provides an opportunity for you to include instructions about things like your funeral, how you would like your personal possessions handles and the disposal of your body. Typically, a Statement of Wishes is stored alongside your Will.
3. Enduring Power of Attorney (POA)
If you are no longer able to make your own decisions, a POA nominates one or more people to act on your behalf. Nominees can make personal, financial and legal decisions. You can enact this power when you lose capacity or at another time of your choice.
4. Medical Treatment Decision Maker
Unlike a POA, you can appoint a person to make medical decisions for you if you are unable to make them for yourself or if you are ill or injured.
5. Advance Care Directive
If you would like to document your wishes regarding medical treatment, you can prepare an Advance Care Directive. This legal document communicates your preferences in the event certain medical situations occur.
Do you need some legal help with your estate planning? Contact our experienced team today for a no-obligation chat and quote.