There are five simple steps in setting up a will. They are as follows:
1. Ask a lawyer for advice
Of course, you can still ask Google, then download a free template, copy and paste, and fill in the blanks. But if it does n’t meet the legal requirements it will become invalid. You certainly don't want your will to be deemed invalid in the end.
2. Meet the requirements of a will
The will must be written and signed by two witnesses. At the same time, you need to prove that you have the ability to make wills and know exactly what you are doing.
3. Choose the beneficiaries and executors
The details of everyone mentioned in the will, their names, addresses, jobs, etc. must be provided, and they can be located in years or decades.
4. Store your will in a safe place
Generally, a will is made in two copies, you keep one copy and your lawyer keep one copy.
5. Entrusted executive and trustee
The executor in a will plays a very important role, and bears a lot of responsibilities. You must choose someone you trust to assume this responsibility, and that person is willing to execute your will at that time. Generally, you can choose more than two to ensure that someone will execute your will in the future.
Your life is always changing and your will will change. If there are major events in your life, you should update your will as soon as possible.
power of attorney
General Power of Attorney
There are two types of power of attorney. One is that you authorize an agent to do things for you when you are sane. This kind of authorization is called a general type of power of attorney. A general power of attorney will become invalid once you are unconscious. This type of authorization is empowering your agent to manage your property and financial affairs, and not to manage your lifestyle, medical care and welfare while you are unconscious.
Australian Permanent Power of Attorney
The other is that you authorize the agent to do things for you when you are sane or unconscious. This kind of authorization is called an enduring power of attorney. This type of power of attorney not only empowers your agent to manage your property and financial affairs, but also manages your lifestyle, medical care and welfare when you are unconscious.
Whether it is a general type of authorization or a durable type of authorization, you can do a full authorization or an event authorization. A full authorization means that the agent can do anything for you; an event authorization means that the agent can only do that specific Things within the scope of the event.
In the general power of attorney, a person over 18 years of age can witness the signature of the authorizer. In the enduring power of attorney, a lawyer or other recognized person must witness the signature of the donor, verify the motivation of the donor, and provide legal advice.
If in NSW real estate sales, the power of attorney must be registered in the land department, otherwise the contract signed by the agent can be considered invalid, and any party in the contract can terminate the contract before the real estate transaction.
You can cancel the authorization in writing at any time when you are awake, otherwise the authorization will continue to be valid. If the power of attorney is registered, the deauthorization also needs to be registered.
When the authorizer dies, all powers of attorney lapse and the will takes effect.