Legal Advice – Page 2

More about Power of Attorney

Since the Power of Attorney is a legal document it should always be stored in a safe place. In addition, copies should be given to the person you have appointed as attorney and your Perth family lawyers. If the appointed attorney is going to deal with real estate in NSW on your behalf, the document should be registered with the Land and Property Information Division of the NSW Department of Lands. This is the only requirement for the document to be registered. When and if you revoke the Power of Attorney document, the cancellation should also be registered.

Why witnesses are needed

When you create a Power of Attorney there has to be witnesses that sign the document. These witnesses are meant to ensure that you understand what you are doing and believe that the person you appoint is capable of acting in your best interests. This prevents older people being manipulated into giving unscrupulous family members legal right to administer their estate to their own benefit.

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Two Main Aims of Estate Planning

Once it was considered that only affluent people needed to bother with estate planning. But much depends on your idea of affluence. When compared with many Third World countries, many inhabitants of Australia could be considered affluent. According to experienced family lawyers if you have some assets, it would be a good idea to see your lawyer about estate planning. There are two main aims for this –

It will help to avoid any financial hardship for your next of kin in the event of your death.
It will minimise any family arguments about who should get what out of your assets.

While you may think the latter is not all that important, some family squabbles go on for decades and can really fracture a family, often forever. Then of course, there is one other good reason for estate planning and that is to reduce taxes. Some of the taxes that were once in force are no longer in existence, but there are always others to take their place, so you can’t avoid them completely. So estate and death duties are out, but capital gains tax is in, as well as other various taxes that may depend on just what your assets are. If you need help finding a lawyer, try this Lawyers List.

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Two Main Aims of Estate PlanningRead More »

Two Main Aims of Estate Planning Read More »