Wills & Estate Planning

A Will is basically your wishes, put in writing of what you want to happen to your estate once you pass away.

If you don’t have a Will, there is legislation in place in most states to cover what happens if you do not make a Will (it is commonly referred to as dying “intestate”.) This legislation determines who gets what and how much of it and could be very different from what you want.

A Will can be a simple document which provides for specific gifts to specific people these are known as beneficiaries. It can also be much more complex and sophisticated, such as the creation of testamentary trusts to provide for greater flexibility and/or tax savings if necessary.

At Falcon legal we believe that a Will is a living document which needs to be reviewed or updated every few years to ensure that it still reflects what you want.

If your circumstances have changed, you should ensure that your will is updated, especially if you have recently married or divorced.

If you fail to update your Will to reflect this major relationship change, such as marriage, a large part of your estate may be awarded to your spouse. This may not be a problem for many first-time marriages, but if you have children from a previous marriage or other people you wish to provide for, it is worth taking control of your estate.

Divorce affects your Will, but it does so differently in each state and territory. In some jurisdictions, divorce will automatically render your Will invalid. In others, divorce will simply revoke your former spouse as your executor, or any gift left them.

Setting up house with a de facto partner does not have the same impact on a Will as marriage. But you could say de facto relationships do have a degree of “sexually transmitted property rights.” As time passes in the relationship, you, and your partner each develop rights to the other’s property. These rights may conflict with the wishes set out in your Will.

Upon separation, if you pass away before a property settlement between you and your de facto partner is reached, it will be your partner who ends up with your property. If the thought of this frightens you, it is best to get a new Will.

Our goal is to make the Wills process as simple as possible for you. Falcon Legal can help you to prepare a legally valid Will that reflects your wishes, and ensures your loved ones are provided for in the future in the manner you want.

What happens if you are not able to make decisions? What happens to everyone and everything you care about then?

Most of us have a Will in place, but very few people will make provisions for someone to make important decisions when they are not able to. That is where an Enduring Power of Attorney comes in.

An Enduring Power of Attorney differs in that it operates specifically if and when you don’t have the capacity to make decisions. Ensuring your Enduring Power of Attorney is drafted correctly means you know that even if the worst happens, your best interests will be taken care of.

An Enduring Power of Attorney gives the person you nominate the power to make decisions on your behalf, in any, or all, of your property, legal and/or financial affairs.

What you can allow your Attorney to do, differs in each State or Territory. For example, in Queensland, Victoria and the Australian Capital Territory you can also give authority to your enduring attorney to make decisions around personal, health and wellbeing matters. In contract, in NSW you can appoint Enduring Powers of Attorney and Enduring Guardians.

By having an Enduring Power of Attorney in place, it allows a person to make decisions on your behalf in the same way you would make the decisions.

At Falcon Legal, our goal is to make the process of making an Enduring Power of Attorney as simple as possible for you. We can help you to prepare the document that reflects your wishes.