COVID-19 Alert – Are you and your family prepared and protected?
With COVID-19 virus spreading domestically and internationally, government restrictions on travel, restrictions on visitation rights to see the elderly in aged care facilities, school closures and people self-isolating at home, we have seen an increase in the need for people to take immediate steps to implement their own Wills, Enduring Power of Attorneys and Enduring Guardians but also those of their parents, grandparents and loved ones.
Many Australians understand that implementing their Will, and estate planning affairs, is one of the most important legal documents that they may ever sign. However, many Australians have not been able to make it a priority.
Following the outbreak of COVID-19, it is now clear to many Australians that people’s lives, health and well-being can change unexpectedly in a few moments and people can become terminally ill, which will have a direct impact on their family and loved ones.
Many business owners are currently facing the challenges of ensuring that their businesses can still operate during periods where their teams, and themselves, may become terminally ill or are required to self-isolate. Ensuring that legal documents, such as a Corporate Powers of Attorney and the passing of director and shareholder resolutions, are implemented can assist in safeguarding business operations from being legally restricted in operating.
Many Australians are currently considering certain questions such as:
- Who will look after my children if I suddenly fall ill?
- If I fall ill, can I refuse certain medical procedures?
- If I am unable to physically work, or stuck overseas or in quarantine/self-isolation, what would happen to my financial affairs and the operations of my business?
- Will my family members automatically have access to my bank accounts, superannuation and life insurance if something was to happen to me?
- Will my partner and children be able to have the benefit of my assets if something was to happen to me?
- Who can make claims on my assets, if I have not implemented a valid Will?
- If my elderly parents or grandparents were to fall ill, can I be legally appointed to act on their behalf for medical and lifestyle decisions or manage their financial affairs?
How we can help you, protect you, and assist with protecting your loved ones
The unfolding of COVID-19 has brought to people’s attention that life can be unpredictable, and that their circumstances can change quickly. Specifically, those who have not implemented proper protective measures will be significantly impacted.
As Warren Buffet rightfully stated:
“only when the tide goes out do you discover who’s been swimming naked.”
Relevant to many Australians, it’s only too late when they come to realise that their parents, grandparents and loved ones did not have an Enduring Power of Attorney or Enduring Guardian to look after their financial and medical affairs in the event that they are unable to make decisions on their own.
With the expanding COVID-19 restrictions and the importance of safety precautions, our team of estate planning lawyers are well prepared and have adjusted our practices to assist with implementing people’s estate plans safely and seamlessly by connecting with clients via video and telephone conferences.
We have also made arrangements to ensure that Wills can be signed without having to physically attend our offices.
Take the step to implement your estate plan today
If you, a family member or a loved one wants to implement their estate plan to have peace of mind that they have adequate protective measures in place, please contact us on (02) 8094 1247, email us at email@example.com or provide us with your initial information by clicking here.
Bhavesh Mistry is a principal with expertise in the areas of asset protection, estate planning, litigation and commercial law. He also has experience in family law matters that involve complex financial issues, including property settlements.