Planning your will: who are the main players?

Planning your will

Planning your will isn’t an easy task. However, help is at hand! It’s important to know who’s who – there are key roles you’ll need to appoint in both your will and your estate plans. Having a full and complete understanding of the roles and responsibilities involved in each role will make it easier for you to choose what should happen in the case of your illness or death – and, therefore, how your estate and wishes are handled. 

Poole Advisory Principal Financial Adviser Anthony Poole sat down with Anthony Fondacaro from Legacy Wills and Estates to discuss the main people involved in planning your estate, and why it’s important to have these assigned roles. 

The second video in our series on estate planning covers the roles and responsibilities involved in planning your will, giving loved ones authority over decisions and arrangements in the circumstance of your death. 

As we state over on our estate planning services page

“Giving someone the power of attorney can allow them to make decisions on your behalf – an essential part of estate planning that should be well considered to protect your family from an uncertain financial future.”

Watch the video by clicking on the link below, or scroll down to read the transcript.

What are the key roles within an estate plan or will? 

Transcript: Anthony Poole, Principal Advisor at Pool Advisory, talks with Anthony Fondacaro, Principal Lawyer at Legacy Wills and Estates, about the responsibilities of some of the key roles in estate planning.

Anthony Poole:   Hi, I’m Anthony Poole from Pool Advisory. Thank you for joining us here today. 

Anthony Fondacaro: I’m Anthony Fondacaro from Legacy Wills and Estate. Thanks for having me here today, Anthony. 

Anthony Poole: So what are those key roles within an estate plan or a will?

Anthony Fondacaro: Initially, the first role of an executor is to handle the funeral arrangements. Then the executor’s role is to deal with the assets of the estate and ultimately to distribute the assets in accordance with the terms of the will. Often that involves engaging a solicitor to help you through that process. But solicitors are really often involved in, for instance, obtaining probate for a will. 

What is the role of guardians?

Anthony Fondacaro:  The guardians are the ones who are going to be looking after the kids day to day. The executors are the ones who are going to be holding onto the finances, making sure they have what they need.

What is the role of the power of attorney?

Anthony Fondacaro: A power of attorney is a document that allows people to authorise other people to act for them on legal, financial and property matters, whilst they’re still alive. So it’s an important distinction; people sometimes get confused. They’ll say, ‘Well, I’ve got a will. That means I don’t need anything else.” Well, a will doesn’t actually do anything. It doesn’t have any powers until you’ve passed away.

What is the role of an enduring guardian?

Anthony Poole: Can the power of attorney make lifestyle related decisions from a medical point of view? 

Anthony Fondacaro: No, there’s the third document that we generally prepare for every estate planning client. The full suite is the appointment of an enduring guardian. Okay, so in New South Wales we have power of attorney for legal, financial, and property and enduring guardianship, which applies for a person’s personal wellbeing.

Anthony Poole: Thanks very much for coming along, mate. 

Anthony Fondacaro: Thanks Anthony.

[Transcript end]

Appointing roles and responsibilities as part of your will is important to ensure your wishes are granted after the fact. It is your responsibility to decide who you trust to handle certain matters to ensure things run smoothly in the case that the unexpected happens. Engaging a financial planner can assist you in setting up your will, and in the long term, removing unnecessary burdens. 

Stay tuned for more in our video series on estate planning with Anthony and Anthony. In the meantime, check out the further resources on our blog page.

For more information on how Poole Advisory can help you protect your assets and investments for your intended recipients in the event of your death, get in touch today or book an appointment.

Compliance Disclaimer:

This information contains general advice only, that is, advice which does not take into account your needs, objectives, or financial situation. You need to consider the appropriateness of that general advice in light of your personal circumstances before acting on the advice. You should obtain and consider the Product Disclosure Statement for any product discussed before making a decision to acquire that product. You should obtain financial or credit advice that addresses your specific needs and situation before making investment or borrowing decisions. Taxation information is based on our interpretation of the relevant laws as at 1 July 2018. While every care has been taken in the preparation of this information, Prosperitas Partners Pty Ltd does not guarantee the accuracy or completeness of the information. The case studies are hypothetical, for illustration purposes only and are not based on actual returns

Poole Advisory Pty Ltd ABN 15 642 040 604 is a Corporate Authorised Representative (No. 001282603) of Prosperitas Partners Pty Ltd ABN 30 662 654 453 AFSL 544 917

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