Planning for the future involves considering both your personal circumstances and the legal requirements of your jurisdiction. In Queensland, Australia, there are two critical documents that everyone should understand and consider: Wills and Powers of Attorney. Here is a general outline of both.

Wills

A Will is a legal document that sets out how your assets (called your ‘estate’) will be distributed upon your death.

Why You Need a Will

• Control – You can specify exactly how your assets are to be distributed.
• Certainty – It provides clarity to your loved ones about your wishes.
• Minimising Disputes – A clear and legally valid Will can reduce family disputes.

What Can Be Included in a Will

• Distribution of assets (e.g., property, money, belongings).
• Appointing an executor to manage the estate.
• Nominations for guardianship of minor children.
• Funeral and burial instructions.

Making a Will in QLD

• You must be over 18 and of sound mind.
• It should be in writing, signed by the testator and witnessed by at least two adults.
• It can be drafted by a legal professional or using a Will kit.

Updating a Will

• Should be revised after major life changes (e.g., marriage, divorce, children).
• Old Wills should be revoked to avoid confusion.

Powers of Attorney

A Power of Attorney (POA) is a legal document allowing you to appoint someone to make decisions on your behalf if you become unable to do so yourself.

Types of POA in QLD

• General Power of Attorney: Appoints someone to make financial decisions for a specified period or event.
• Enduring Power of Attorney: Appoints someone to make financial and/or personal and health decisions if you lose capacity.

Making a POA in QLD

• You must be over 18 and have the capacity to understand the nature and effect of the document.
• The appointed attorney must also be over 18 and not be your paid carer or a service provider for a residential service where you are resident.
• Forms for creating a POA are available online and should be witnessed by a notary, commissioner for declarations, lawyer, or other authorised person.

Revoking a POA

• Can be revoked at any time while you have capacity.
• Must be done in writing, and relevant parties should be notified.

Conclusion

Wills and Powers of Attorney are crucial legal documents that everyone should consider. While this guide provides an overview, it is always advisable to consult with a legal professional who specialises in these matters in Queensland to ensure that your documents are tailored to your particular situation and comply with all relevant laws and regulations.

By planning ahead with these tools, you can ensure that your wishes are carried out and that you have the appropriate measures in place if you ever become unable to make decisions for yourself.

Need simple Estate Planning arrangements? Willow Wealth Partners can help establish your Will & Enduring Power of Attorney by using a professional law service.