Everyone over the age of 18 should have a Will and an enduring power of attorney.  But what are they and why do we need them?

Wills


Your Will sets out your instructions for the treatment of your assets when you die and it’s the only way to ensure your assets are distributed the way you want.  A Will lets you provide for your family and any other beneficiaries, as well as stating how your affairs should be managed after you die.

Enduring Power of Attorneys


An enduring power of attorney operates while you’re still living.   It’s there in case you become incapacitated and can no longer make decisions or manage your own affairs (if you were in a coma, for example).  It authorises individual/s or a company to manage your affairs while you’re unable to make decisions.
 
Together these important documents mean that your requests are legally recorded and they instruct those responsible for carrying out your wishes.

If something happens and you don’t have a Will or an enduring power of attorney, decisions can’t be made until someone is chosen (usually by the courts) to do this.  This may take time, plus the person chosen to make the decisions and the decisions that are made, may not be what you would have wanted.

This uncertain situation may also cause additional anxiety for family and friends at a time when circumstances are already very stressful.

While it’s important to put a Will and enduring power of attorney in place, it’s just as important to keep them up to date. Life brings constant change and things like marriage, divorce, births and deaths may all affect your wishes.  If your Will is not current, your assets may not be distributed as you would have wished and the person making decisions on your behalf may not be the one you’d have chosen.

When it comes to making a Will or an enduring power of attorney, we recommend you consult a specialist.  They can help make the process quick and easy, and it doesn’t have to cost a lot of money.  For more information, contact your AMP Adviser.  Your Adviser can advise you on the best place to go for all of your estate planning needs.

The views or information given in this article are not necessarily the views of AMP or AMP Adviser Businesses.  It provides general financial information and is not intended to provide financial advice.  For personalised financial advice, we recommend you contact us.