Capacity and Estate Planning
We all have someone or know someone who is now classified as an “elder”. The legal age of being an elder is 65 years. While most at this age or beyond have no issue with living as they always have, some need assistance as the complications of old age settle in.
As with all things in life, each person is different and will present at different times with different cognitive or physical disorders as they age. At such a vulnerable time, it is common to rely on others for advice and support.
In order to ensure that you are looked after in your age, it is prudent to consider Estate planning, namely updating your Will and having an Enduring Power of Attorney and Enduring Guardian documents made.
Enduring Power of Attorney documents give your Attorneys (the people you have nominated) control over your assets when you no longer have the mental capacity to make such decisions in your best interest. For example, your Attorney being able to sell property in order to secure a place in an aged care facility.
Enduring Guardian documents allow your Guardians (the people you nominate) to determine matters for your health, namely give consent for medical treatment that may be required to prolong your life. These documents help those who look after your wellbeing by ensuring fewer complications and removing the hurdles they may face with financial institutions and health care providers.
The principal, being the elder, must have capacity to instruct a lawyer regarding these documents. In difficult capacity cases, as leading Will Update and Estate Planning Lawyers, at Matthews Folbigg we are able to assist in determining whether our clients have capacity to understand the consequences of these documents and make the correct choice in who they wish to be their Attorneys and Guardians.
In our next few blogs we will explain the potentially devastating consequences that lack of capacity can bring about, from the impact upon Will disputes to the elder abuse that can occur and the recourse available.
More Information
If you wish to obtain further information, advice or assistance in updating your Will, please contact one of our Will Lawyers in our Estate Planning team at Matthews Folbigg on 9635 7966, email us at estates@matthewsfolbigg.com.au or through the website www.matthewsfolbigg.com.au
DISCLAIMER: This article is provided to readers for their general information and on a complimentary basis. It contains a brief summary only and should not be relied upon or used as a definitive or complete statement of the relevant law. Liability limited by a scheme approved under Professional Standards Legislation.
