Property Owners: Do you have a Will or Enduring Power of Attorney?

WILLS

Having a Will in place is the best way to ensure your property is inherited in line with your wishes. This is often overlooked by property owners in the midst of purchasing their property. Without a Will, complex processes and rules guide who will inherit your property.

If you own property as a joint tenant

Many spouses own their property as ‘joint tenants’ – which means that on their death, their share in the property will automatically go to their spouse.

However, it is important to consider the very unfortunate situation where both joint tenants die without leaving a Will. In this event, the rules of intestacy will apply in distributing each of their shares.

If you own property on your own or as a ‘tenant in common’

If you own the property in your sole name, or as a ‘tenant in common’ you are able to dictate within your Will who will inherit your share of the property.

Unlike joint tenants, the property will not automatically pass to the surviving owner.

ENDURING POWERS OF ATTORNEY

An Enduring Power of Attorney can provide for one or more people to have authority to make financial or personal/health decisions on your behalf. Financial decisions can include decisions about your property.

These can include paying bills in relation to the property, or even selling the property on your behalf, if it is in your best interests to do so (e.g. to pay for your care).

For financial decisions, you can nominate whether you want the attorney to begin making financial decisions for you straight away or at some other date or occasion, such as once you’ve lost capacity to make these decisions.

You can place certain restrictions or provide instructions within the Enduring Power of Attorney document and these must be taken into account by your Attorney/s.

Please contact us if you need to arrange a Will or Enduring Power of Attorney.