Do you have a Will and Enduring Powers of Attorney? If not, you should - and here's why.

Most people know they should have a Will. Far fewer realise the importance of having Enduring Powers of Attorney in place. Both documents are essential to protecting you, your family, and your wishes. Here's why they matter.

We regularly meet people who tell us they have been meaning to sort out their Will for years.

Others assume that because they are married, have adult children, or have a family trust, everything will simply fall into place if something happens to them.

Unfortunately, that is not always the case.

A Will and Enduring Powers of Attorney (EPOA) are two of the most important legal documents you can have in place. They ensure that your affairs are dealt with according to your wishes and that the people you trust are able to step in when needed.

The reality is that most people do not appreciate the importance of these documents until a family member becomes unwell, loses capacity, or passes away unexpectedly. By then, the opportunity to put proper planning in place may have passed.

What does a Will actually do?

A Will sets out how your assets are to be dealt with when you die.

It allows you to decide who will receive your estate, who will administer your affairs, and who you want to carry out your wishes.

For some people, a simple Will may be sufficient. For others, especially those with blended families, trusts, businesses, investment properties, or significant assets, careful planning can be critical.

Without a valid Will, your estate will be distributed in accordance with the Administration Act 1969. While the legislation provides a framework, it may not reflect what you would have chosen for your family.

A properly prepared Will can help minimise uncertainty, reduce the risk of family disputes, and make the administration of your estate much simpler for those left behind.

The document many people overlook

While most people have at least heard of a Will, Enduring Powers of Attorney are often overlooked.

That is surprising given they can become important long before a Will is ever needed.

An Enduring Power of Attorney allows you to appoint someone you trust to make decisions on your behalf if you are no longer able to do so yourself.

This could occur as a result of an accident, illness, stroke, dementia, or other medical condition affecting your capacity.

There are two separate documents:

• Property Enduring Power of Attorney

This allows someone to look after your property and financial affairs.

• Personal Care and Welfare Enduring Power of Attorney

This allows someone to make decisions about your personal care and welfare if you are unable to make those decisions yourself.

Many people are surprised to learn that their spouse, partner, children, or parents do not automatically have authority to act on their behalf.

Without Enduring Powers of Attorney in place, your family may need to apply to the Family Court for orders allowing somebody to manage your affairs. This can be expensive, time-consuming, and stressful during what is often already a very difficult period.

The risks of DIY, free and online Wills

In recent years, online Will providers and free Will services have become increasingly common.

While they can appear to offer a quick and inexpensive solution, they are not always the best option.

A Will is far more than a form to be completed. It is an important legal document that needs to reflect your particular circumstances and achieve the outcome you intend.

We regularly see situations where people have relied on online templates or Will kits only for issues to arise later because important matters have not been considered.

Common problems with DIY, free, and online Wills can include:

• Assets not being dealt with appropriately;
• Outdated executors or beneficiaries;
• Provisions that are unclear or ambiguous;
• Trusts not being properly considered;
• Blended family issues not being addressed;
• Relationship property consequences being overlooked; or
• Documents that have not been properly signed or witnessed.

Often these issues do not become apparent until after someone has passed away, when it is too late to fix them.

What may have seemed like a cost saving at the time can ultimately result in significant expense, delay, and stress for the family.

Every family's circumstances are different

No two families are exactly alike.

The estate planning needs of a young couple buying their first home will be very different from those of a business owner, a farming family, retirees, or someone with a trust and investment properties.

A generic document cannot ask follow-up questions. It cannot identify risks. It cannot suggest alternatives.

Seeking legal advice allows you to have a conversation about your circumstances and ensures your documents are tailored to your family, your assets, and your wishes.

Good estate planning is not just about documenting what happens after you die. It is about protecting the people you care about and making life easier for them when difficult situations arise.

When should you review your Will and EPOA?

Preparing these documents is not something that should only be done once.

As your life changes, your documents should be reviewed to ensure they continue to reflect your wishes and circumstances.

As a general guide, we recommend reviewing your Will and Enduring Powers of Attorney every three to five years.

You should also consider a review if you:

• Get married or enter a new relationship;
• Separate from your partner;
• Have children or grandchildren;
• Buy or sell significant assets;
• Establish or wind up a trust;
• Start or sell a business; or
• Experience the death of a family member, executor, trustee, or attorney.

Even where no changes are required, a review can provide peace of mind that your documents remain appropriate and effective.

Don't leave it until it's too late

One of the most common comments we hear from clients is, "We've been meaning to do this for years."

The difficulty is that life rarely gives us advance warning.

A serious illness, accident, or unexpected death can happen at any stage of life.

Having a valid Will and Enduring Powers of Attorney in place is one of the simplest and most effective ways to protect yourself and your family.

It provides certainty, reduces stress for your loved ones, and ensures that important decisions can be made by the people you trust.

If you do not currently have a Will or Enduring Powers of Attorney, or if your existing documents have not been reviewed for some time, now is a good opportunity to put your affairs in order.

Our experienced team can help you prepare or review your estate planning documents and ensure they accurately reflect your wishes and circumstances. Contact Hayley Willers at DTI Lawyers today on (07) 282 0174 or email [email protected] to arrange an appointment.

For further information on this topic check our other articles:

Wills and Powers of Attorney – Plan Ahead News | DTI Lawyers

Recently Separated but haven’t updated your Will? News | DTI Lawyers

The Role of an Executor of a Will News | DTI Lawyers