Wills & Estates FAQ
WHY DO I NEED A WILL?
With a Will you can:
- Choose the person to look after matters after your death.
- Decide at what age your children will inherit.
- Ensure to the best of your ability that you leave your belongings only to your beneficiaries and not their partners.
- Tax plan
WHAT IS AN ESTATE TRUSTEE?
This is the person who pays your debts; gathers in your assets and transfers your assets to the people that you have specified in your will. You should choose as an Estate Trustee a person who you trust to look after these matters. You can have more than one Estate Trustee.
WHY DO I NEED POWERS OF ATTORNEY?
Power of Attorneys are needed while you are alive but unable to look after your affairs. The person who you appoint is called your attorney. Your attorney can be a family member or friend.
You need a power of attorney for property in case you are unable to look after your affairs - for example if you are in an accident or have a stroke. Even if you own your home jointly with your partner, your partner is unable to sell or mortgage it without a Power of Attorney signed by you.
You also need a Power of Attorney for your personal care. For example, for health care if you are unable to give instructions to your doctor or to make decisions about where you will live.