Wills and Enduring Powers of Attorney: 10 questions and answers to get yours sorted

What would happen to your loved ones if something suddenly happened to you?

Not surprisingly, it’s a question many of us tend to avoid.

It’s just too hard to remove the emotion from a situation where you imagine you’re not around anymore.

And making clear decisions in the best interest of those you love is difficult unless you’re able to look objectively at everything and everyone that is closest to you. That is, until you get a ‘wake-up call’. It may be an accident, an illness or something else.

But why wait for some alarming incident to prompt you into action? After all, not everyone is ‘lucky’ enough to get a wake-up call where they live to tell the tale. For some, such unexpected events don’t involve any ‘waking up’, so to speak.

Being prepared for the worst does not mean living your life with a cloud hanging over you. It just makes good sense to have in place:

a will,
an enduring power of attorney (EPA), and
an advance health directive (ADH).

The same as you would take out insurance to protect your business or your car, think of a will as insurance for your loved ones.

Without it, confusion, disputes, and unnecessary conflict can arise at a time when loved ones are grieving. To avoid these issues, it should be priority to get yours written now.

Following are ten key questions and answers to help you take the first step to getting a will drawn up.

1. Who should make a will - and when?

Anyone over the age of 18 looking to explain what they want done with their assets when they pass away can make a will. Assets include real estate, money, investments, and personal or household belongings.

To draw up a will, you must have the capacity to understand the nature and consequences of the document, be able to exercise free will in the decisions you make within it, and communicate clearly and unambiguously what you want done.

While it should be a priority for everyone over the age of 18 to make a will, as I mentioned above, it is especially important for those of middle-age or older. The risks and consequences of not having a will are usually much greater in later years.

2. Do I have to involve a lawyer?

Depending on the size of your estate, a will may seem like a relatively simple document to draft. However, to be legally binding and ensure that your estate is handled as you wish, it must follow due legal process; complex estates require a good understanding of property ownership laws for instance.

You must sign every page of the will and, at the end of the document, signatures must be witnessed by two independent witnesses.

To ensure you have a valid will that is clear and unambiguous, you must also use the correct terminology throughout the document. This usually requires the expertise of a qualified lawyer.

3. What should I include in my will?

There are several standard items to include in a will:

Firstly, you need to appoint someone (or a number of people) to be executor(s) of your will.
Within the document, you should cover payment for debts and funeral expenses, as well as funeral arrangements.
Then provide instructions for the distribution of your assets: these include property, money, possessions, investments, etc. Either state specific amounts for assets and the full names of beneficiaries or include percentages of total values, as appropriate.
If applicable, you may also like to include the appointment of a guardian to look after your children, should something happen to you.
Finally, state in your will that it is your last will, superseding any previous wills.

4. Who should I choose as executor of my will?

When you make a will, you will need to appoint an executor or executors to manage your estate according to your wishes. They are responsible for paying any debts (including taxes) as appropriate and distributing your assets to the beneficiaries, as stated in your will.

Being an executor is normally a very serious undertaking. In addition to the above tasks, executors usually have to organise your funeral; make decisions about your personal finances, belongings, and property; and make arrangements for the care of any dependent children.

Because of this, your executor must be a trusted person - usually a family member or close friend. It’s best if they are financially able, emotionally steady and good communicators.

Because of the importance of the role, you may like to appoint an alternate executor in case your first choice executor is unavailable.

5. What is an enduring power of attorney (EPA)?

Wills apply when a person has passed away, but what about when a person becomes incapacitated in a way that makes them unable to manage their own affairs and makes decisions?

This is where an Enduring Power of Attorney (EPA) applies.

An EPA is a legally binding agreement where a person or a small group of people (the attorney or attorneys) manage your financial affairs, personal matters, and health matters, in your best interests. They have the power to do all of the things that you would normally decide on in these areas.

This is necessary if you’re unable to look after your own affairs, due to lack of mental capacity. A close family member or other trusted entity then acts as your “attorney”. But this does not happen automatically—it requires the necessary legal documents to be signed by the appropriate people.

The agreement can start either immediately or when the appropriate authority decides that you do not have the capacity to conduct your own financial affairs.

Without an EPA agreement, a financial manager may need to be appointed for you by the authorities, depending on your local jurisdiction.

It’s always best to arrange your agreement while still in good health, to avoid this happening.

6. How is an EPA different from a General Power of Attorney?

A General Power of Attorney (GPA) is also a legally binding document. This provides the authority to make financial decisions on your behalf to one or more nominated individuals.

It is not as far reaching as an EPA, as the authority to make decisions stops when you no longer have the mental capacity to manage your own financial affairs.

7. What is an Advance Health Directives (ADH)?

You may also want to activate an Advance Health Directive (ADH). This is sometimes called a “living will”, “personal directive”, “medical directive” or “advance decision”.

This legal agreement allows you to plan for your medical treatment or health care in the event that you are too ill or incapacitated to make decisions.

It usually provides for any allergies to medicines or religious beliefs you have, as well as acceptable types of treatment. You can also nominate an “attorney” to make health decisions in your best interests.

Again, it’s best to create this document now rather than leaving it to later in life, when your power to make clear decisions could be diminished.

8. Do these documents need witnesses?

The signing of all powers of attorney documents and health directives require authorised witnesses. This is usually a lawyer, notary public, or Justice of the Peace (JP). If in doubt, check with your lawyer.

In the case of power of attorney, both you and the nominated attorney need to sign in front of the witness.

With an Advance Health Directive or similar, note that the witness cannot be a beneficiary of your will.

9. Can I make adjustments to my will or power of attorney?

Providing you are able to make decisions for yourself, you can revoke or amend your will or power of attorney documents at any time.

Indeed, if you haven’t written your will to anticipate possible changes, it may be advisable to update it. If your personal or financial circumstances change significantly or unexpectedly after you write it—for example, life events occur such as marriages, divorces, births or deaths within your family and inner circle—you should make an appointment with your lawyer to make the required changes because, as with the original document, this will need to be drawn up in the presence of your lawyer.

10. What do I do next if I don’t have a will?

Nothing you’ve read here is a substitute for getting proper legal advice when preparing a last will, EPA or ADH.

The above questions should all be discussed with the relevant parties before enacting anything:

your doctor should be consulted for health matters;
your lawyer and/or accountant for financial matters; and
your family should also be consulted for whatever affects them directly.

Bear in mind that if you die without a will—this is referred to as dying “intestate”—there are legal guidelines that set out how your assets will be distributed.

Dying intestate generally creates complications, costs, delays and often stress and conflict for the involved parties. This is especially the case where there have been separations or divorces in the past, and families can be traumatised when—due to the lack of a will—the deceased person’s assets are not distributed to those loves ones the deceased ‘meant’ to leave them to.

Your next step

Get your will, EPA and ADH in place and then review them regularly, particularly after those major life events listed earlier.

If you need assistance with preparing your documents or have any further questions regarding wills, EPAs or ADHs, please contact us.

< Older Post Newer Post >

Need help with your accounting?

Find Out What We Do

Prepare to adapt your retirement when life changes.

October 13, 2025

It’s very common for retirement priorities to shift over time. But for some, the change arrives with a jolt. You may spend years—even decades—planning exactly what your post-work life will look like. While life can throw a curveball into your plans at any stage, the closer you get to retirement, the more unsettling the disruption can be. Whether it’s family breakdowns, the death of a loved one, an inheritance received, or unexpected expenses, you'll face a different personal and financial landscape. One that no longer matches the retirement you envisioned. Adjusting your working life. When a major life change hits, the most important rule is: don't rush anything. While you're reshaping your future and contemplating big moves, avoid making any rash decisions that are irreversible. The event may alter the required length of your working life or your willingness to continue working: Health issues could force you to retire earlier than planned A substantial inheritance might enable a more enjoyable, earlier exit from work. Conversely, a divorce late in life, particularly for someone with high spending habits, might necessitate staying chained to a desk longer. The separation may leave you with an unexpected mortgage or simply drain your finances through the legal process, creating difficulties. Make a basic plan. Take the time to sit down and rationally think through what your new retirement might involve. If retirement is still five to 10 years away, that's a good timeframe to start contemplating your next steps. The most critical step is to determine how much money you will need to spend. While most people worry about whether they "have enough money," the key question is almost always, "How much do I need to spend in retirement?". Consider this example: If you retire with $1 million and your annual spending requirement is $50,000, you're likely secure. However, if you have $1 million but need to spend $150,000 per year, you have a problem. You'll need to either dramatically increase your savings or significantly reduce your spending expectations. If you are struggling with these figures or want a professional opinion, see a financial adviser ( we can direct you to one ). Paying for a few hours of their time will help you consider things you hadn't thought about. A change of pace. Remember, retiring from your main career does not mean leaving the workforce for good. You have options: Moving part-time in your current job for a few years, using your extra days for hobbies. Taking on volunteer work. Leaving a stressful executive role for paid work you actually enjoy. Hopefully, your surprises on the path to retirement are positive ones. If they are not, don't panic. Stay calm and seek advice. We can help. Early advice and planning can make a real difference in managing your retirement well—understanding the tax implications is a huge part of that. Don’t wait — let us help you !

Lodging a tax return as a visa holder in Australia.

October 13, 2025

If you're living and working in Australia on a visa, you may be required to lodge a tax return with the Australian Taxation Office (ATO). Australia's tax system is complex—even more so if you're a visa holder. We specialise in helping visa holders understand and manage tax obligations with clarity, compliance, and confidence. With years of experience in this niche area, our dedicated team of tax professionals is here to make tax time stress-free. Do visa holders need to lodge a tax return? If you earn income in Australia, you're likely required to lodge a tax return. This applies even if you're on a temporary or bridging visa. Common visa types that often require a tax return include: Working Holiday Visa (subclass 417 or 462) Student Visa (subclass 500) Temporary Skill Shortage Visa (subclass 482) Graduate Visa (subclass 485) Partner Visa (subclass 820/801 or 309/100) If you earn more than the tax-free threshold (currently $18,200), you must lodge a return. Some visa holders, however, don’t qualify for this threshold—more on that below. Australian Tax Residency Test explained. When it comes to lodging your tax return, your tax residency status makes a huge difference. Even if you're on a temporary visa, you could still be a resident for tax purposes. This affects how much tax you pay, what deductions you're eligible for, and whether you can claim the tax-free threshold. 1. The Resides Test (Main Test) This is the primary test. You’re likely a resident if: You live in one place and have regular routines (like renting a place, going to work or uni) You’re part of the local community (bank account, phone, gym, etc.) You stay in Australia for a continuous period of 6 months or more You intend to stay long term—even if your visa is temporary 2. The Domicile Test You may be a resident if your domicile (legal home) is in Australia, unless you can prove your permanent place of abode is overseas. This usually applies to: Australian citizens or PRs working overseas temporarily People who still maintain strong ties to Australia Note: Most temporary visa holders don’t pass this test unless they’ve been in Australia long-term. 3. The 183-Day Test. If you’re physically in Australia for 183 days or more in a financial year (doesn’t need to be consecutive), you may be a resident—unless your usual place of abode is clearly overseas and you don’t intend to live here. You’re likely a resident if: You stay for 6 months or more You rent long-term accommodation You’re working or studying with the intention to remain for an extended time Common visa types & how tax applies. 1. Student Visa (Subclass 500) Likely considered a tax resident if you stay over 6 months Can claim the tax-free threshold ($18,200) Can deduct eligible expenses (like textbooks, computers for study if working in a related field) 2. Working Holiday Visa (Subclass 417 or 462) Taxed at a flat rate of 15% on income up to $45,000 Must lodge a return if you earn any income Generally, not eligible for the tax-free threshold Superannuation can be claimed back when leaving Australia (through DASP) 3. Temporary Skill Shortage (TSS) Visa (Subclass 482) Often considered a tax resident, especially if you're working full time and have relocated Must lodge a return and may be eligible for tax offsets Can claim work-related deductions and rental expenses (if conditions apply) 4. Partner Visa (Subclass 820/801 or 309/100) Usually treated as a resident for tax purposes Same obligations and entitlements as an Australian citizen Tax returns may support future PR or citizenship applications Key differences for visa holders. 1. Tax Residency Status Your tax residency is not the same as your immigration residency. You could be a temporary visa holder and still be considered an Australian resident for tax purposes. If you're a resident for tax purposes, you may be eligible for the tax-free threshold and lower tax rates. If you're a non-resident, you’ll pay tax on every dollar earned (no tax-free threshold) and possibly at higher rates. Factors like how long you’ve been in Australia, your living arrangements, and whether you plan to stay long-term affect your tax residency status. The ATO provides a residency test to help determine your status. 2. Working Holiday Makers If you hold a working holiday visa, you're taxed at a special flat rate (15% on income up to $45,000 as of 2024-25), regardless of your residency status. You're still required to lodge a return if you’ve worked. 3. Access to Tax Offsets and Benefits Only Australian tax residents can access certain tax offsets, such as the low-income tax offset. You may also qualify for superannuation contributions, but you'll need to apply for a Departing Australia Superannuation Payment (DASP) when leaving the country permanently. What are the common mistakes to avoid? We see four common mistakes: Assuming you don’t need to lodge because you're a student or on a short-term visa Not declaring all income (including freelance or cash jobs) Using the wrong tax residency status Forgetting to lodge a return when leaving Australia Let us take care of your tax return. Whether you're a student, skilled worker, working holiday maker, or about to leave Australia permanently, getting your tax return right is crucial. This is a niche area Ascent Accountants specialises in. We understand the unique situations that come with different visas—and we make sure you claim every dollar you’re entitled to. Contact us today to get started.

Bringing clarity to concealed sales prices.

October 13, 2025

Bringing clarity to concealed sales prices. Scrolling through property listings and seeing phrases like 'offers from', 'expressions of interest', 'all offers considered', or simply 'contact agent' instead of a clear price can be frustrating for buyers. This lack of transparency makes it difficult to figure out what a seller is truly expecting for a property. In fact, the frustration at properties advertised with no price at all is consistent feedback clients give to agents. Buyers often report frustration after calling agents and not being given any guidelines on where the property sits on a price scale. The absence of price information can impact user engagement, with industry feedback suggesting it can significantly influence how users interact with property websites. Clear, visible pricing may enhance user trust and interest. Strategic steps for buyers. How to overcome the problem when agents don't give a price guide. Navigating a property purchase without a price guide is challenging, but buyers can take strategic steps to reduce uncertainty and strengthen their buying position. Research comparable sales: Understanding market trends and researching comparable sales in the area is crucial for setting realistic expectations. While median values are widely referenced, they don't always accurately reflect individual property values, so look at recent sales of similar properties for a clearer picture. Know your financials: Have a clear understanding of your risk profile and financial position. Know your borrowing capacity and secure a loan pre-approval. This streamlines the buying process and makes your offer more appealing to sellers in a competitive market. Use online tools: Experimenting with the minimum-to-maximum price range feature online can assist in providing a general price range. The limitations of desktop valuations. While desktop valuations can be handy, be careful not to overstate their accuracy due to certain variables. Desktop valuations are just averages based on an area's lot size, house size, nearby sales, number of bedrooms, and bathrooms. They may not accurately account for homes that are unique, have views, or don't fit the suburb's prescribed pattern. Furthermore, distinct features are ignored. A significant difference between properties may be that one has been totally upgraded and renovated, with sellers spending hundreds of thousands, versus a property in original condition. This difference is often not taken into account by automated valuations. We’re here to help. Buying a home is a financial and an emotional decision. If you’re buying, do your homework on comparable sales and understand the tax implications with Ascent Accountants . You can also consult with Ascent Property Co. and be matched with a home that suits your needs.