The current COVID-19 pandemic has prompted many Australians to think about their life planning and finances. Many APS members and clients have chosen to take this time to update their Will and Power of Attorney. Have you considered updating your Will?
Now more than ever, people are worried about their health. Many people are considering what they need to do to make sure everything is taken care of. Similarly, Australians are concern about their finances, job security and long term wealth. With many Australians having extra time at the moment, It is the perfect time to pause and reflect. Think about whether your Will and Power of Attorney are in place and if so, whether they need to be reviewed.
Updating your Will
At APS Benefits, we encourage clients and members to think about a Will as family or life planning. It is not a ‘set and forget’ process. As you reach significant milestones in your life such as marriage or buying a house, it is important to also update your Will. You need to consider how these major life changes also affect what happens to your assets and your family if something unexpected was to happen to you.
Without a Will, you are effectively forgoing your right to have a say in how your assets are distributed. This makes it harder and more costly for your loved ones to deal with your assets after you pass away. If your life has changed somewhat since you last updated your Will, take some time to reflect. Think about what changes you need to make to ensure everything is taken care of when you pass away.
Assigning a Power of Attorney
Many Australians prepare a Will but often don’t consider the importance of appointing an attorney. At some point, you may be faced with significant changes that impact your ability to make important financial decisions. Appointing an attorney gives your nominated attorney the legal authority to look after your financial affairs, medical decisions and any other personal matters on your behalf if you are not in a position to make these important decisions yourself.
Assigning a Power of Attorney is important for a number of reasons and should form part of your Will preparation. Without a nominated Power of Attorney, you may lose control of who makes these important decisions for you. A third party may be appointed rather than having someone involved who you know and trust.
Updating your Will? APS is here to help
We know that updating your Will and Power of Attorney can seem like an overwhelming process. At APS Wills & Estates, we are here to help you every step of the way. Click here to find out more or to find out more or call 1300 131 809.