As estate planning terminology can be confusing, here’s a glossary of some common phrases to help you.
The law relating to estate planning is different in each state and territory across Australia. This means that the names of some legal documents, roles and decisions which can be made by the people you nominate, will vary.
For example, in NSW you can only have a power of attorney which is just financial, whereas in QLD it can be financial and medical. It just depends on where you live and which state and territory laws apply.
Remember, if you need help at any time, you canwith one of our estate planning lawyers or contact us for more general help.
Estate planning glossary
A legal document that sets out who you want to manage your estate and who you want to leave your assets to when you die.
Who you appoint in your will to manage your estate when you die.
Who you appoint in your will to hold and distribute ‘property’ on behalf of someone else, such as a beneficiary, in accordance with your will.
Who you appoint in your will to look after any minor children.
Who you nominate in your will to receive any of your assets.
A legal document that sets out who you want to manage and make decisions about your financial affairs (and in some states and territories, medical affairs), while you’re alive.
power of attorney
A power of attorney that only has effect while you have capacity to manage your affairs for yourself.
power of attorney
A power of attorney that has effect if you lose capacity to manage your affairs yourself.
Who you appoint in your power of attorney to manage your financial (and in some states and territories, medical) affairs while you are alive.
|Medical/health care directive
A legal document that sets out who you want to make decisions about your personal, lifestyle and health affairs while you are alive and if you lose capacity to make them for yourself.
treatment decision maker/Guardian
Who you appoint in your medical/health care directive to make your personal, lifestyle and health decisions while you are alive and if you lose capacity to make them for yourself.
health care directive
A document that sets out your specific wishes and directions about your medical and health care treatment.
Another term for a medical/health care directive and advanced
To discuss how we can help with your estate planning needs,with one of our friendly team.