Trade and Service Issues Bulletin 02/08

TAKING CARE OF YOUR HARD EARNED 

 

 

Did you hear the one about...

 

... the people who didn't realise (or if they did realise, didn't takethe appropriate action): 

If you don't have a Will in place (54% of people fit into this category), there is a statutory formula for the distribution of your assets, which can result in relatives who you would never have mentioned in a Will or maybe have not met, receiving from your Estate;

 

If you don't have a Power of Attorney in place, your business and property affairs can fall into serious disarray if you become sick unexpectedly or are involved in an accident, causing you to suffer unnecessary expense and in some cases, loss of property and assets in extreme cases;

 

If you don't have an Enduring Guardianship arrangement in place, persons who do not know you and who may not know what your intentions are for your health treatment, are likely to be making decisions about the health treatment you receive or even where you live;

Marriage or divorce has the effect of making any Will that you have in place prior to becoming married or divorced null and void, leaving your Estate in the same position as the Estate of someone who has never had a Will with the outcomes as described in the first paragraph above.

 

None of these outcomes is desirable and all of these outcomes are avoidable.

 

Our suggestion:

 

 

Anyone who does not have:

A Will describing their current intentions for the distribution of their property;

 

A Power of Attorney to authorise someone to manage their affairs (including writing cheques to pay bills) if they become ill or incapacitated; and 

 

An Enduring Guardianship arrangement in place so that someone you know will make decisions about your health care,

should consult a legal practitioner immediately and put these documents in place, for their own peace of mind and so that their property and their health is looked after in a fashion that it appropriate.

 

On request we will gladly send a document with some preliminary issues to be thought about, to anyone who is considering these arrangements for themselves or their family members.

  

Please do not hesitate to contact me with any questions?

 

 

With best regards,

 

John Law

 

The Down Under Trade Group - Justice, Trade & Customs

 

"Our Industry Experience, makes the difference"

 

Phone:

(02) 9873 1447 (International: 61 2 9873 1447)

Fax:

(02) 9873 1264 (International: 61 2 9873 1264)

Mobile:

0414 409 098 (International: 61 414 409 098)

Web:

 

 

Down Under Trade Consultants Pty Ltd
Down Under Legal Services Pty Ltd trading as Down Under Legal and Bennelong Legal
John V. Law & Co - Consultants for Customs House, International Trade & Government Initiatives & Solutions
mediating LATERAL Solutions - Dispute Resolution without Litigation
Brofor & Forbro Services - For Customs Brokers and Freight Forwarders

 

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