Getting your affairs in order now a priority with the spread of COVID-19
1 April 2020
COVID-19 has made us all realize that things can happen unexpectedly and change so rapidly without clarity of what will happen next. Millions of Australians rushed to the supermarket to hoard food and supplies to prepare for the unknown. How long will this pandemic last? How will we get food and supplies during this uncertain period?
This sets a reminder that sorting out your Estate is the same principle. Preparing and planning for the unforeseen before its too late.
Below are Estate Planning Documents you may need:
A Will
Throughput my career I have witnessed clients having to deal with a sudden death in the family. Not having a Will may be a stressful time for the loved ones who will inherit your Estate. If you pass without a Will, the relevant state based legislation will govern and administer your estate.
A do it yourself Will-Kit may be a cheap option however complications may arise and the cost to rectify these complications will be deer. Having a robust and comprehensive Will is paramount to avoid these complications for your loved ones.
Enduring Power Of Attorney
An Enduring POA steps in when an individual has lost capacity and is incapable of managing their own affairs. If you do not have this in place your loved ones will have to apply to the Victoria Civil and Administrative Tribunal (VCAT) for assistance. This can be expensive and cause delays in settling your estate.
Power of Attorneys are also useful when someone is stuck overseas or in self isolation, the appointed individual can act on your behalf in relation to your property and financial matters. If we experience another pandemic and a loved one is stuck overseas in quarantine this comes handy.
Signing a Will in Isolation.
In Victoria, if there are two other people in self-isolation at home with you, they can be witnesses to your Will. This includes family members who are mentioned in your Will. In other states this is different e.g NSW.
There are number of other requirements relating to who can act as a witness, so it is crucial that you contact your trusted adviser to have them confirm that your witnesses are appropriate to act.
Conclusion
A Will is putting together a contingency plan. The same way you prepared for the COVID-19, hoarding supplies you are putting in place a plan in the event of worst case scenario.
For any queries regarding your Estate Planning, please free to be in touch. During this difficult time I can be reached via email, phone, Skype or Zoom.