Dying intestate in Australia is generally a bad idea, both from the point of having no control over the distribution of your estate and because there is no Federal legislation governing intestacy; how it is handled will vary state to state. It’s important for people of all ages to create a will so they can dictate what happens to their assets and make it simpler for their families to navigate and handle their estate.

Testamentary trusts are one of the more obscure branches of estate planning and, at first glance, appear to be very complex and only appropriate for niche situations. In truth, testamentary trusts are far less daunting than they first appear and offer a multitude of benefits for your beneficiaries, while also allowing you more control over your estate than a run of the mill will would allow. 

What is a Power of Attorney?

There are two main types of power of attorney:

• a general power of attorney ends when you lose the capacity to make your own decisions

• an enduring power of attorney continues even after you lose the capacity to make your own decisions.

Wills are vital to ensure that all your affairs are appropriately managed, and all your wishes are upheld. However, while establishing a Will is important, it’s not a ‘set and forget’, it is equally as important to ensure your Will is maintained. Updating these documents regularly every time you experience a notable life change, including, but not limited to, marriages, babies, divorces, and so on and will ensure that your wishes are carried out if the worst should happen.