Why Wills and Powers of Attorney are Important

“I know I have to do a Will, but not now. I’ll do it later”

Don’t put off doing your Will or establishing a Power of Attorney. Don’t leave it too late.

People often put off doing their Will or Power of Attorney because they wrongly assume it involves thinking about sickness and dying. This couldn’t be further from the truth!

Why have a Will?

A Will helps your family and friends carry out your wishes. It’s a clear guide of how you want your assets distributed by your chosen executor. It may avoid lengthy court battles over ‘who gets what’.

If you put it off and pass away without a Will, your affairs can be left in disarray, leaving those closest to you with the costs and heartache of trying to sort out your affairs.

If you pass away without a Will or the one you have is out-of-date, the government determines who gets your belongings according to a set of rules called the Intestacy Rules. These rules often do not send your assets in the direction you would like or expect. Trusting your assets to the government is not a good strategy.

You need to review and if necessary update your Will every three to five years as your personal circumstances often change.

Know that you can make a difference

A gift to National Seniors Foundation Trust - now or planned in the future as a bequest in your Will - is a chance to share what you know, what you’ve learnt about life and makes a real difference in the lives of senior Australians.

Slater & Gordon, our partner lawyers, can ensure your Will reflects your personal wishes and accommodates your family circumstances. Without a current Will, your estate will be distributed by a fixed formula determined by the Government, regardless of your wishes or circumstances.

If you need a new Will, wish to update your old Will, or want to discuss family succession and estate planning matters, contact Slater & Gordon on 1800 555 777 or visit their website. Mention you are a National Seniors member to enjoy special benefits.

Why establish a Power of Attorney?

A Power of Attorney is a legal document authorising another person to act on your behalf in relation to your financial and personal health matters. This person can be a trusted friend, spouse, partner or relative.

A Power of Attorney allows someone to handle your affairs if you go overseas, take an extended holiday, suffer from poor health or reach an age when you need greater assistance. Whoever you nominate should be someone who will act with your interests at heart.

These days with all of us living longer and medical treatment being so effective, a Power of Attorney is just as important as a Will.

For more information about why Wills and Powers of Attorney are important, download the National Seniors Foundation Guide to your Will.