Misconceptions about Wills and Enduring Powers of Attorney often lead people to postpone estate planning. Here are four key myths explained:
There is no ‘right’ age for making a Will or EPOA. As long as you are 18 or older and have the mental capacity to make these decisions, you should consider putting a Will and EPOA in place.
A Will covers all assets you own, not just real estate. Even if you don’t own property, most working Australians will have money in the bank and superannuation, which are just as important to consider when planning your estate.
While your spouse may be able to make some joint financial and medical decisions, in the long term, most spouses will struggle to make decisions (such as selling property to fund for care) on behalf of their incapacitated spouse unless they have a properly executed EPOA giving them the authority to act
While the laws of intestacy set out how an estate is distributed when someone dies without a valid Will, this does not mean your spouse will automatically receive everything from your estate. In fact, without a Will, there is no guarantee that your assets will go to your intended beneficiaries. The intestacy process is also often more complex and costly than administering an estate with a valid Will.
If you are planning on making a Will or an Enduring Power of Attorney, contact McNamara Law on 1300 285 888.
Unit 10
88 Limestone St
Ipswich 4305
Queensland
Ph: 07 3816 9555
GE Building,
Level 1, 6 Yoga Way
Springfield Central 4300
Queensland
Ph: 07 3470 3600
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