How will my estate be dispersed if I don't have a will?
It will be based on an arbitrary government statutory formula defined in Division 6 of the Administration and Probate Act 1958.
We recommend that clients take control of their estate and avoid this situation.
Can my will be challenged or contested after I die?
Yes, this is why it is important to obtain professional advise when making a will.
Why not use a free or cheap will kit?
In a lot of cases, these end up being more expensive due to yearly storage fees or hefty estate commissions.
Also, poor method of signing a will can totally invalidate the Will. Rules are very strict in this regard.
Where should I keep my will?
The original copy of your Will should be kept with all other important documents in a secure place but somewhere where it will be found if something should happen to you. It is no use having a Will if nobody is going to find it. This is why we recommend that you keep a copy of your Will at home. It will alert members of your family that there is an original somewhere. We can permanently store your original will in our fireproof safe, free of charge.
How often should you make a will?
As Prompt Legal Services are aware of the inconvenience of making a will, it is our policy to keep a will as broad as possible to lengthen it's life, whilst maintaining our client objectives.
What if I want to leave a special item to someone special?
Be very careful and obtain professional advice as sometimes that special person can end up with the least inheritance.
What's the difference between a will and a power of attorney?
A Will only comes into operation after your death. A Will is essential as it ensures that your assets are protected and that your estate is divided the way you want it to be. A Power of Attorney ends on your death. It is useful whilst you are alive in that it allows someone else to make decisions for you. An Enduring Power of Attorney is especially useful as it continues after you are no longer able to make decisions eg in the event of a stroke, dementia etc. If you do not have an Enduring Power of Attorney, a government department will need to decide who should look after your affairs in the event that you are not able to.
What types of Power of Attorney are there?
There are several types of Power of Attorney but with all of them you are allowing someone else to act on your behalf. The three main ones are:
General Power of Attorney is where the attorney can make decisions for you and act on your behalf on matters such as banking, paying your bills and handling your assets. If you become incompetent, the General Power of Attorney ceases to be effective.
Enduring Power of Attorney is similar to a General Power of Attorney but is still effective even if you are no longer able to make decisions for yourself.
Enduring Power of Attorney (Medical Treatment) will give authority to someone you have chosen to consent to medical treatment for you or in some situations to refuse medical treatment on your behalf.