Wills & Estates Adelaide
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Wills & Estates
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Wills and Estates
At Stevens Law, we are committed to providing our clients with the highest quality legal advice and service in relation to Estate Planning and Probate matters.
Estate Planning can be likened to having a “policy of insurance” in place that protects your assets. It ensures that financial control is maintained over your assets in the event of death or mental incapacity. It preserves one’s right to their bodily autonomy in the event of any medical emergency that may arise.
Estate Planning involves the preparation of a Will, A Power of Attorney, and an Advanced Care Directive. When it comes to ensuring your loved ones will be financially supported following your passing it is essential that you have a validly executed Will which sets out your wishes. Without a proper Estate Plan in place, your assets may not be transferred to the intended beneficiaries in a timely manner. You may also lose control over the distribution of assets entirely in the event of death without a validly executed Will that clearly sets out one’s testamentary wishes.
Last Will and Testament
(relates to the Distribution of assets upon death)
Dying without a valid Will is known as dying “Intestate”. Where a person dies Intestate, their assets are distributed in accordance with the Laws of Intestacy. In the absence of a validly executed Will which clearly sets out how your assets are to be distributed and to whom, your assets could be transferred to unintended beneficiaries under the Laws of Intestacy contrary to your wishes. In extreme cases your estate assets may even be transferred to the state in accordance with the legal principle known as “escheat”. The Will that we draft will also provide for the payment of your debts including your funeral and testamentary expenses. We consider issues such as guardianship of any under-age children, direction and payment of superannuation benefits, the sale of assets including real estate, the provision of a life-interest to a loved one so they may live in a property until such time as they have died or re-partnered. Your Last Will and Testament will also provide for your wishes as to whether you wish to be buried or cremated.
Power of Attorney
(relates to Financial Powers of Appointment)
An Estate Plan is not complete without the preparation of a validly executed Power of Attorney document. A Power of Attorney enables the Donor to appoint one or more substitute decision maker/s (“Donee/s”) to act on their behalf in relation to dealing with the finances and assets. The Donee/s must act in the Donors’ best interests and observe any conditions that may be included. Whilst a general Power of Attorney ceases to have effect stipulated, in the event that the Donor has suffered from a subsequent mental capacity. An Enduring Power of Attorney will continue even after the loss of mental capacity. We are happy to discuss with you the correct document for your personal circumstances.
Advanced Care Directive
(relates to Medical Powers of Appointment)
The final document that is essential to an effective Estate Plan is the Advanced Care Directive. This document enables their Donor appoint one or more persons (“Substitute Decision Maker/s”) who may then advise medical staff as to the type of health care the Donor wishes to receive. This document comes into effect when a person is no longer able to make decisions independently as to the provision of health care as a result of the loss of mental capacity.
The process of obtaining our clients’ instructions to ensures that their wishes are clearly provided for.
We would be pleased to assist you in the preparation of a Will, Power of Attorney, and Advanced Care Directive and to all your Estate Planning needs.
