Lifelaw Newsletter: February 2023

At different points in your life, you will need clear, sound advice from legal experts who help look after your best interests. One of the challenges is knowing when you need a lawyer’s help. That’s where Lane Neave’s Lifelaw comes in.

Lifelaw draws upon all areas of legal expertise that exist within Lane Neave. We’ll work with you and alongside you to formulate the solution you require.

Where there’s a will, there’s a way forward

Your will is the basis for how your affairs are managed following your death, so there are many reasons that make having a current will important.

We rank the top eight reasons why you should have a valid and current will:

  1. Making sure that the assets you worked hard to acquire during your lifetime go to the people you want;
  2. Making sure your assets are given to your beneficiaries at a time when they are in the best position to utilise them;
  3. Choosing a Legal Guardian for your under 18-year-old children (or fluffy child if you’re an animal lover);
  4. Directing whether you want to be buried or cremated? You don’t your family want to get that one wrong;
  5. Speed… a valid will leads to faster estate administration and therefore less stress;
  6. If you executed a will prior to being married, that will may be invalid; and
  7. A valid will generally incurs less legal fees – you’ll pay us less and leave more in the pot for your loved ones; and
  8. If you have a partner, children and separate assets in your name and don’t have a will, your partner will receive the first $155,000.00, plus 1/3 and your children will receive the balance…. awkward!

Our advice is simple. If you don’t have a will, get one. If your will is more than 5 years old, review it and update it now.

Enduring Powers of Attorney

If you are over 50 or in poor health you need to have Enduring Powers of Attorney (EPA).
It’s important to appoint the right person or people. They should be someone you trust and who understands your wishes and is capable of managing all your financial and personal legal affairs.

The good news is changes have been introduced to make the EPA process less overwhelming and easier to understand.

Some key improvements include:

  • EPA forms are now drafted in plain English;
  • Explanations are standardised to make them easier to understand; and
  • You can revoke your previous EPA in your new EPA – no need to complete a separate document.

At Lane Neave, we think having a current EPA is as important as your will. It provides you with the peace of mind that you have your life in order should the unexpected happen. Let’s face it, you want your family to know what to do if you’re unable to make the decisions for yourself.

Give us a shout if you have any questions about wills and/or EPAs and would like us to assist you with a review of your affairs.

Meet the team that makes
things simple.

Gerard Thwaites
Giana Fyfe
Hannah Petrie

Let's Talk

"*" indicates required fields

Lane Neave is not able to provide legal opinion or advice without specific instructions from you and the completion of all formal engagement processes.