The Will : A Will is the most important document within an Estate Plan. It outlines the assets you wish to pass on, whom you wish to pass them onto and each person’s share. Any asset that you legally own where you are the sole owner can form part of your Will. Some examples include:
- Property (or your share on a property with tenants-in-common)
- Shares and Bank Accounts
- Personal Assets (including jewellery, cars, collectibles and contents)
The Executor: Is responsible for the entire administration of your estate until the final distribution of your assets has been made to your beneficiaries. During the administration process your executor is responsible for the control of all the assets.
An Enduring Power Of Attorney: An Estate Plan will not be handed over to a tribunal if you were to lose your legal capacity to make financial decisions due to disability or illness, if an Enduring Power Of Attorney is in place.