AS is common for many people at this time of year, Jack and Jill make a new year’s resolution to “get their house in order” in terms of their estate planning.

They see a solicitor specialising in this field and are advised that the traditional estate planning package consists of three separate documents, being a Will, Power of Attorney and Appointment of Enduring Guardian for each of them.

Their wills appoint an executor to distribute their estates in accordance with the terms of their will, upon their passing.

Wills can address your wishes regarding the guardianship of minors and can create a variety of trusts to deal with blended families and to provide an appropriate vehicle for a beneficiary’s inheritance which can have tax benefits and enhanced asset protection.

The treatment of superannuation is another important aspect of the advice that Jack and Jill receive when making their wills as is advice regarding mitigating the risks of a will challenge and other claims against their estate.

Powers of Attorney appoint a responsible attorney to manage their financial affairs.

This is often a “just in case” document that can be activated should they lose the ability to manage their affairs in the future.

These documents should be carefully tailored to address blended families, superannuation and other trusts and to protect them against potential misuse of the power.

In relation to estate planning these documents are often referred to as “Enduring” Powers of Attorney.

Appointments of Enduring Guardians appoint a trusted guardian to make health decisions on your behalf if you lose the ability to do so yourself.

This can include consenting to medical treatment, deciding what health care you receive and potentially deciding where you live.

These documents can include an advance health care directive which records your wishes regarding medical treatment and potentially end of life decision making.

Jack and Jill receive advice regarding the interplay between their estate planning documents and guidance regarding who is appropriate in the various roles and the manner of their appointment.

Email Manny Wood, Principal Solicitor and Accredited Specialist in Wills and Estates at TB Law at manny@tblaw.net.au or call him on (02) 66 487 487.

This fictional column is not legal advice.

By Manny WOOD, Solicitor