: Estate Planning Guide for Sydney, New South Wales by Funera Sydney
Embarking on the journey of estate planning in Sydney or greater New South Wales? As you ponder life's significant questions, like what happens to your property, cash, superannuation, and other assets after you depart, Funera Sydney is here to guide you through the process. Estate planning ensures that your assets are distributed efficiently and promptly, providing peace of mind for both you and your loved ones.
1. Last Will & Testament
A Will is a legally binding document outlining how you want your property and assets distributed upon your passing. Dying intestate, without a valid Will, can lead to confusion, delays, fees, and potential family disputes. Crafting a Will is a straightforward process:
- Assess your assets, considering how you want your property, superannuation, cash, trusts, and personal possessions distributed.
- Document your wishes, ensuring it is in writing and signed by you and two witnesses.
- Choose witnesses over 18 years old, not beneficiaries under the Will, and ensure they are competent.
- For those more advanced in age or with conditions affecting mental capacity, obtain a letter from your doctor confirming your sound mind during the Will's creation.
- Include details of your pre-paid funeral, a recommendation by Funera Sydney to alleviate the financial and emotional burden on your family.
- Select a responsible executor, whether a friend, relative, or an independent trustee organisation like State Trustees.
Remember, life changes—update your Will to reflect changes like marriage, divorce, childbirth, or evolving sentiments.
2. Advance Care Directive or End-of-life Preferences Document
Funera Sydney encourages residents of New South Wales to create a legally binding Advance Care Directive. This document allows you to express broad preferences and values for end-of-life and future medical treatment. It can include directives on what 'living well' means to you, treatment preferences, and considerations for spiritual or cultural beliefs.
While legally binding in New South Wales, an Advance Care Directive may not always be followed in specific circumstances. Therefore, consider updating it as needed. This directive is recognized across Australia, except in NSW, Tasmania, and the ACT.
3. Medical Decision-maker
In New South Wales, appointing a medical decision-maker is crucial for times when you are unable to make decisions about your medical treatment. Through an Appointment of Medical Decision Maker document, you can designate someone to act on your behalf, making decisions such as consenting to or refusing medical treatment, and even allowing organ and tissue donation.
Avoid ambiguity by making your wishes clear and nominating a preferred decision-maker to ensure alignment with your values.
4. Enduring Power of Attorney (Personal & Financial Decision Maker)
In New South Wales, you can appoint someone to manage your personal and/or financial decisions through a Power of Attorney. This legal document allows someone to sign binding documents on your behalf, especially handy when travelling or if you become unwell. The appointed person can be a family member, friend, or someone you trust, ensuring your affairs are managed according to your instructions.
Your Power of Attorney can be specific, allowing you to retain control over your finances, and can be revoked at any time, provided you have the capacity to do so.
ESTATE PLANNING: WHAT NOW?
Remember, your Last Will & Testament, Advance Health Directive, and Power of Attorney don't need to be submitted anywhere. Keep copies in a secure place and share them with appointed decision-makers, trusted family members, or legal professionals. Now, go back to living, assured that your end-of-life arrangements are in order.
For more guidance and assistance, reach out to Funera Sydney at:
Sydney (02) 9954 6655
Sydney (02) 9954 6655
Newcastle (02) 4955 1110
Wollongong (02) 4243 8755