Think Wills are only for Boomers?
It’s time to bust the myth that advance life planning is for older people.
Let’s face it, making a Will isn’t a subject most young people want to talk about. Plus, you probably think your belongings aren’t valuable enough to warrant a Will.
You may be surprised! Do you have a pet, a car, a savings account or insurance? How about gaming gear, a hefty wardrobe haul or other collectables?
Do you have a loan that someone will need to pay if you have an accident or pass away? You could be named as a beneficiary by an extended family member or receive an unexpected insurance payout following an accident.
This National Wills Week, help us spread the word that it’s time to advance yourself. By making a Will you can make sure the things that are important to you are looked after or given to your loved ones.
Alternatively, if you have an accident and can no longer make decisions for yourself – it’s important to make sure you have the necessary plans in place for your future.
Follow these steps:
• Make an appointment with a solicitor, succession law practitioner or the Queensland Public Trustee. Visit the Queensland Law Society to find a solicitor near you
• Make a list of your accounts, belongings and collectables
• Choose an Executor for your Will
• Ensure you have appropriate identification
• Meet with your Will-maker to make your Will
• Talk to your family and let them know your wishes
An Enduring Power of Attorney (EPA) is a legal document that allows you to appoint someone you trust to make decisions on your behalf if you become seriously ill, or have an accident and lose capacity.
Your Financial Attorney is responsible for matters such as (but not limited to):
• Paying bills such as your rent, groceries, electricity and medical expenses
• Managing your money and investments
• Preparing your tax returns
Your Personal and Health Attorney is responsible for matters:
• Where you live and who will care for you
• Your recreational activities
• Certain medical decisions, treatment options and medicines
Once you’ve made your Will and Enduring Power of Attorney, it’s a good idea to have a conversation with the important people in your life, so they can support your wishes in the future.
Your wishes may include:
• Funeral arrangements – including if you want to be buried or cremated
• Your Will and your wishes for transfer of belongings
• Where you might be cared for – in your home or in a care facility
• End of life – do you feel strongly about whether you want to receive life-sustaining measures to prolong your life?
Note: This is a general overview of advance life planning and is not to be considered as legal advice.
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