Wills & Estate

Planning for the future can feel overwhelming, but at Yarn Legal, we’re here to make the process as clear and straightforward as possible. A well-structured will and estate plan not only ensures that your wishes are honored but also offers peace of mind to your loved ones during difficult times. Our team at Yarn Legal provides culturally safe, trauma-informed legal services tailored to the unique needs of each client.

Why You Need a Will

A will is a legally binding document that outlines how your assets should be distributed after you pass away. Without a will, your estate may be subject to intestacy laws, which means the government decides how your assets are divided—this may not align with your wishes. By having a will, you gain:

• Control Over Asset Distribution: Specify exactly who inherits your property, investments, and other possessions, ensuring your estate goes to the people or causes you care about.
• Protection for Loved Ones: Appoint guardians for your children or dependents, ensuring that they are cared for by someone you trust if something happens to you.
• Clarity for Your Executors: You can name trusted individuals to handle the administration of your estate, known as executors. They will be responsible for ensuring that your wishes are carried out as detailed in your will.
• Care for Your Superannuation: Unlike other assets, your superannuation may not automatically be distributed according to your will. You need to nominate beneficiaries directly with your super fund to ensure it is passed on as you intend.
• Charitable Giving: If you wish to leave part of your estate to charity, a will ensures that these contributions are honored.

Medical Directives and Power of Attorney

In addition to a Will, we recommend preparing medical directives (also called advance care directives) and appointing a Power of Attorney. These documents allow you to plan for unexpected situations in which you are unable to make decisions about your health or finances.

• Advance Care Directive: This document sets out your preferences for medical treatment if you are unable to communicate your wishes. It can include details about life support, resuscitation, and other critical health interventions, ensuring your medical care aligns with your values.
• Enduring Power of Attorney: Appoint someone to make decisions on your behalf if you lose capacity to manage your finances or legal affairs. This role can cover everything from managing bank accounts to dealing with property.
• Medical Power of Attorney: You can also nominate a person to make medical decisions for you, ensuring that someone you trust has authority to act in your best interest.

Superannuation and Estate Planning

Superannuation is often one of the largest assets people hold, yet it doesn’t automatically form part of your estate. It is crucial to nominate beneficiaries directly with your super fund, as the distribution of superannuation is governed separately from your will.

Binding Death Nominations: This is the most effective way to ensure your superannuation is distributed according to your wishes. It is legally binding and compels the super fund to pay out to the people you’ve nominated, including family members or other dependents.

Non-Binding Nominations: While these nominations inform your super fund of your preferences, they are not legally enforceable. The trustees of the fund will consider your nominations but ultimately decide how your super is distributed.