First Financial Services, Financial Advisers in Cairns can advise you on Estate Planning.
Most of our lives, we work hard to accumulate wealth. However, most of us do not put high importance on ensuring our wealth is distributed according to our wishes. Having an up-to-date Will guarantees that your intended beneficiary/ies will receive entitlement you want them to have. You also have the authority and discretion on who to appoint as the executor of your estate whom you trust to administer it at the time of your passing.
An out of date Will is more troublesome than not having a Will. You should review your existing Will every 2 – 3 years or whenever a major event happens in your life – marriage, divorce, accumulated assets, children to be included as additional beneficiaries and so on.
Another important document pertaining to estate planning is an Enduring Power of Attorney. This document grants a person you trust the power to decide on your behalf on financial and personal/ health matters when you can no longer decide for yourself due to illness or incapacity. Each jurisdiction has rigid rules and regulations on prescribing this type of power. The Enduring Power of Attorney is different from the General Power of Attorney as your Attorney (under a GPA only) has the authority to make decisions on your behalf for a fixed period of time.
The GPA is revoked, if the attorney becomes bankrupt or when the principal becomes incapacitated (this is when the enduring power of attorney becomes operative).
Another recent trend in some jurisdictions is the prescribing of Advance Health Directives. This is a more detailed document granting power to a person you trust about your health. It overrides an Enduring Power of Attorney in the event of inconsistency in relation to health matters. An AHD can impose conditions upon when certain things are to happen to your body in the event you cannot communicate them effectively.
To find out more Estate Planning phone First Financial Services on 07 4038 3333, Financial Advisers in Cairns .
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