Estate planning is the process of planning and recording your wishes for making end-of-life arrangements and preparing important documents like a Will for the administration of your estate and distribution of your assets after you die, and appointing an Power of Attorney where you nominate a trusted person or trustee organisation to manage your assets and financial affairs in the situation where you are unable to do so and or an Enduring Guardian as a trusted alternate medical or financial decision-maker to make decisions on your behalf if you do not have the capacity to do so yourself.

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You might also consider making an Advance Care Directive, a legal document, that provides a clear set of directions about your future care that need to be considered before medical treatment decisions are made on your behalf,

You should prepare or update these important documents regularly or if your circumstances change due to:

• marriage, separation, or divorce.

• the death of a proposed beneficiary.

• The death, ageing or ill health of a proposed executor.

• entering or ending a de facto relationship.

• having children or adopting or fostering children or being responsible for children from another relationship.

• excluding a person as a beneficiary of your will.

• any other major events occurring in your family.

• the establishment or transfer of assets to a business or family trust.

• disposal of assets referred to in your will.

• changes in taxation laws.

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What are the legal requirements to make a Will, nominate an attorney through a Power of Attorney or guardian through an Enduring Guardianship?

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Generally, a person wishing to make a Will, Power of Attorney or an Enduring Guardianship needs to have the legal capacity to understand the nature and purpose of the document and role of the executor, attorney, trustee, or guardian. Also, all three documents are required to be in writing and witnessed and the proposed executor, attorney or guardian need to agree to their appointments.

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What happens after you die?

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Any Power of Attorney or Enduring Guardianship is terminated on death. However, your estate needs to be administered by your executors and or trustees to distribute of your assets and carry out any specific wishes or instructions such as funeral and burial arrangements, you made in your Will.

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Before administering an estate can commence and depending on the type and value of the assets and how they are held, the first step is to apply in the Supreme Court of NSW for either a grant of Probate or Letters of Administration - if there are no executors.

Probate is the process of proving and registering in the Supreme Court  the last Will of a deceased person. Obtaining a Grant of Probate or Letters of Administration is required so that an executor has the legal authority to administer the estate and dispose of the assets and debts.

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Nowadays, most financial institutions require a Grant of Probate or Letters of Administration to release funds. Additionally, any property that is owned by the deceased and held as "tenants in common" with another person forms part of their estate. Consequently, the deceased's share of the property will pass to the beneficiaries nominated in their Will and probate will be required.

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When you request an appointment with Gerard Kell & Co to make your Will, Power of Attorney or Enduring Guardianship with us we will guide you through every step, including:

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• discussing your wishes,

• discussing excluding a person as a beneficiary of your will and the consequences – a possible family provision claim and defending a family provision claim made against the estate,

• drafting your Will, Power of Attorney or Enduring Guardianship documents, and

• providing impartial witnesses.

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If you or someone you know wants more information, help or advice, on the preparing Will, Power of Attorney and or Enduring Guardianship documents or administering an estate, please contact Gerard Kell & Co on 0412 4242 38 or email us at gerard@kellcolegal.com.au