You might of heard about Wills and Powers of Attorney but what do they really mean? Most people work hard over their lives to buy a home, build a business or accumulate assets. Financial Planner Luke Smith spoke with Mark Poretti from Trinity Law. Trinity Law are experts in Property Law, Commercial and Business Law, Commercial Litigation and Dispute Resolution, Wills and Probate, Insolvency, Small to Medium Enterprise, and Employment Law. Mark Porreti is the Partner in charge of Small to Medium Enterprise, and his work includes Power of Attorney and Will matters. Mark is supported by an able team of legal specialists in Canberra.
They begin the discussion though about Wills. Did you know the laws around Wills in Australia vary between each State and Territory? Interestingly, New South Wales has just made changes to the law around witnessing the signing of a new Will, given the Covid-19 crisis.
Key highlights include:
The Will
- What is an executor and what is their role?
- What is probate?
- How does property ownership influence the outcome of a Will, where more than one person owns the property?
- What can a Will do to where there are children (minors) involved?
- What is a testamentary trust? How does it benefit a minor and a spouse/partner left that receives a benefit from an estate?
- What is a family provisions claim and why you shouldn’t just leave out a family member?
- What happens if you die without a Will?
- What is a Power of Appointment?
- What do business owners need to consider in a Will?
- Why Superannuation is NOT covered by your Will?
The Power of Attorney
- What is an Enduring Power of Attorney?
- When does it start to operate?
- What kinds of decisions can be made?
- Can you have more than one Power of Attorney?
- Is it good to get have more than one Power of Attorney?
- At what point do you become a Power of Attorney?
- Why a Power of Attorney isn’t just for the elderly.
We believe the peace of mind of these documents is worth more than the cost.
Financial planning advice can assist you make informed decisions. So can the advice of a Solicitor.
Would you like to discuss your financial planning future? Make an appointment to catch up with Luke over the phone or via video conference. Appointments at the office will return once the Covid-19 has passed. Envision 2CC offer: Your first appointment is at our cost – even over the phone or by video chat. Make an appointment to confidentially discuss your super and financial plans. Call Envision Financial Services on 6260 4749.
Luke is also happy to refer you to Mark Porreti should you need Will or Power of Attorney Advice. You can call Mark Poretti on 02 6163 5050, or visit the Trinity Law website
You can also use our contact us form to make an appointment for a confidential discussion about your situation. Luke will return to talk about financial planning on 2CC Talking Canberra next Friday from 4.30pm. Tune into listen live or visit our website again to catch up on the podcast. You can also subscribe to our YouTube Channel here, or catch up on other podcasts at ‘The Strategy Stacker – Luke Talks Money’.
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