Aged Care Wills is Essential for the Distribution of Property
Elderly loved ones will have gained assets, however small, over the years they’ve been active, and aged care Wills takes care of where those belongings go upon their death.
Little Known Facts About Wills and Estates in Adelaide
A Will is a binding legal document that manages the distribution of a person’s possessions, otherwise referred to as their estate. Their property is divided according to their wishes set out in that document upon their death.
- You don’t need to be extremely wealthy to have a Will in place. Every person over the age of 18 should have a Will in SA. Possessions that are solely owned by you can be distributed regardless if it’s only your clothes or if you’ve owned a chain of hotels. To avoid disputes and confusion, the Will clearly stipulates your wishes upon death.
- Dying without a Will in place is called intestate. In this case, the assets of the individual will be distributed by the state. The property is generally allocated evenly to surviving family members starting with the spouse down to the children. However, the state will subtract administrative costs for handling the case and then distribute what’s leftover.
- Wills can be amended. After major life events, you are entitled to review your Will and change it accordingly. The options are to write a new Will that replaces the old one or a codicil which adds the adjustments. The new document must state that it is replacing the previous version while the codicil explains the modifications to the original.
Common Misconceptions People Have About Enduring Power of Attorney in SA
It’s a fear that many elderly people struggle with, losing their cognitive functions and with it all their assets and belongings. A power of attorney in South Australia sets out exactly how you would prefer matters are handled if you can’t make those decisions anymore. However, there are misconceptions about this document.
- You don’t need an Enduring Power of Attorney if you have a Power of Attorney in place is a regular myth. There are differences between the two with a Power of Attorney granting power to a person to act on your behalf regarding certain decisions and for a stipulated period. Enduring Power of Attorney enables the person to manage financial and personal affairs when you don’t have the mental capacity to do it yourself.
- The Enduring Power of Attorney lasts after death. This isn’t the case as this document provides power to the individual while a person is mentally incapacitated and until their death. After that, it’s the executor of the Will that steps in to handle the deceased’s estate.
- Finding a Power of Attorney on the Internet. While there are documents available online, using this will be to your detriment. This document must be created appropriately, representing the specific circumstances you’re in and stating the exact details of power that’s handed over. You don’t want a legal document that isn’t current, is too ambiguous, and lacks authority.
It’s always advisable to seek assistance from a professional when setting out to engage in legal documents. Doing this will ensure your affairs are in order with proper authority.
Why Senexus is Your Best Choice for Wills in Adelaide
We have experienced and compassionate estate lawyers that understand the complicated process of making a Will. They will guide you through every step of the way to review or make a new Will. It’s recommended that an elderly person going into aged care revises their Will to ensure it’s updated. Our trained professionals are available to assist you through all the legalities to safeguard your financial and personal assets.
Contact us for all-round aged care for your elderly loved ones.
