Estate Planning and Financial Agreements

Financial Agreements are an effective way for couples (married, defacto, separated or divorced) to determine the division of assets and/or liabilities in the unfortunate event of a breakdown in the relationship, however it does not take the place of a valid Will.

A Binding Financial Agreement or BFA will continue to operate despite the death of a party but it does not set out how a party wishes to have their assets distributed upon their death.

What if there is no Will?

If a Will is not in place, any assets and liabilities will be dealt with according to strict rules and procedures governed by the legislation of your particular State. This may result in a lengthy process which does not take into account your personal situation or your preferences of who is to receive your assets.

When should a Will be reviewed?

It is advisable to review your Will frequently to ensure it still reflects your wishes as your life changes. For example,  you should review your Will in the following situations – marriage (or de facto cohabitation), separation and divorce, birth of children, death of beneficiary, spouse, executor or trustee click here to read more

for more information click here

What costs nothing and ensures your Voice is heard?

Answer: Power of Attorney Document.

A Power of Attorney is a document that allows us to voice our decisions at a time when we are absent or unable to speak for ourselves.

It could be that you are away from home, for example, on holidays and need someone to take care of financial matters like bills, banking, shares etc. This is called a General Power of Attorney.

Or it could be the long term arrangement we put in place for financial matters in case we lose mental capacity due to illness or accident. This is an Enduring Power of Attorney.

Or it can be the document that sets out the medical or lifestyle decisions you would like to be made on your behalf when you are no longer capable of voicing them yourself. This is called Guardianship.

No matter which scenario, a Power of Attorney (General or Enduring) or Guardianship is a straightforward document that costs nothing but your time to implement.

We’ve spent some time researching what documents are available for each Australian State and have put all the documents together in one place for your convenience. You can choose which document you need and download them free of charge. Click here

We’ve also put together information pages to help you understand how Power of Attorney documents work. Go to www.rpemery.com.au

Whether you need one for yourself or for a family or friend – please use the resources and put it in place so you can rest easy knowing your voice will be heard no matter what.