However, an Estate Plan is much more than that and may include:
• Instructions for your care if you become disabled or unable to care for yourself before death.
• Naming a guardian and an inheritance manager for any minor children.
• Providing for family members with special needs without disrupting government benefits.
• Providing for loved ones who might be irresponsible with money or who may need future protection from litigation, creditors or relationship breakdowns.
• Providing for the transfer of your business at disability or death.
• Minimising taxes, court costs, and unnecessary legal fees.
• Being an ongoing process, not a one-time event. Your plan should be reviewed and updated as your family and financial situations change over your lifetime.
The executor of a Will is responsible for carrying out the wishes of a person after they die. The role of the executor is to manage the estate within the terms of the Will and protect the assets of the estate. The executor of an estate must comply with various laws and rules that govern the administration of deceased estates. Many people, when nominated as an executor, are unsure of what is expected of them. The duties of an executor can be complex and demanding and require an understanding of the law, tax and accounting requirements.
A power of attorney (POA) is a document empowering a person (or persons) to act on your behalf (the Principal) with respect to your financial (and/or Medical/Personal) arrangements. Powers of attorney can be either general or limited. Under a general power of attorney, the attorney is able to do nearly all things the person giving the power could legally do. Under a limited power of attorney, the power is restricted in some way. For example, the attorney may be appointed only for a certain time or only to perform certain acts.
Ordinarily, a child’s surviving parent will automatically be the child’s guardian. However, it is necessary to make provision for circumstances in which both parents die at the same time. There may also be instances in blended families where each Testator of a current couple may have different Guardianship appointments. A guardian is responsible for the daily and long term care and welfare of your child and for making important lifestyle decisions on their behalf. The guardian must ensure that the child is adequately housed, clothed and educated. The guardianship of minor children is an important and often onerous task and the appointment should be thought through carefully.
