WHY DO I NEED A WILL?
A Will is a document in which you set out the way your assets are to be distributed upon your death. Having a Will alleviates any uncertainties your next-of-kin may face, as a result of your death.
In your Will, you can:
- Appoint one or more Executors, who will be responsible for paying your debts and distributing assets according to your wishes
- Appoint a Guardian for your children, until they reach the age of majority
- Establish a trust for minor children that may be invested by a trustee, appointed by you, until they reach a certain age when the account will be given to them. This trust can also be used to make payments for their education as they grow up, but before they are entitled to receive the funds.
- Provide special gifts or legacies to individuals or organizations
- Provide specific funeral directions
WHY DO I NEED POWERS OF ATTORNEY?
If you do not have Powers of Attorney and you become incapacitated, the "Office of the Public Guardian and Trustee" will be in charge of administering your affairs. Although it is possible for a relative to apply to be your guardian, this application can be very costly and requires extensive legal documentation.
There are two types of Powers of Attorney:
A Continuing Power of Attorney for Property enables you to appoint a relative, friend or other person, who would be authorized to act on your behalf in financial matters, if you are unable to look after your affairs because of circumstances such as illness or injury.
A Power of Attorney for Personal Care enables you to appoint a relative, friend or other person to make decisions about your personal care, should you become unable to do so yourself. These decisions might include living arrangements and health care.
DO I NEED A WILL?
DO I NEED A 'LIVING WILL'/POWER OF ATTORNEY?
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WHY DO I NEED A WILL AND A POWER OF ATTORNEY?
CAN I CHALLENGE THE VALIDITY OF A WILL?
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The above information is of a general nature and is not intended to provide legal opinions. Readers should seek professional legal advice on the particular issues which concern them. We would be pleased to elaborate on any information contained above and how it may apply to your specific circumstances.