Going on an overseas holiday is the ideal time to prepare and/or review your Will and make sure that it is up to date.
It is also the perfect time to simultaneously review other documents that are important such as your Power of Attorney (to protect your financial security) and Advance Care Directive (to protect your healthcare and medical treatment).
If you are the sole director of a company it is crucial that the company nominate an attorney by preparing a Power of Attorney for the period that you as the director are overseas and unable to sign documents and make legal decisions for the company.
Likewise it is also the time when you as an individual should prepare a Power of Attorney document to be active in Australia whilst you are overseas, particularly if you need someone to be able to access your funds in certain bank accounts or make decisions on property (for example sale or purchase of property) whilst you are away.
There is an advantage in this scenario to making your Power of Attorney effective upon signing the document so that it can be used while you are overseas. Alternatively you can make your Power of Attorney only become active should you lose your mental capacity. A Power of Attorney ensures that someone is able to look after your finances, property and shares in the event that you are unable to do so yourself.
Similarly, preparing an Advance Care Directive is important to safeguard your health and medical treatment and you can leave directions and nominate a substitute decision maker for the situation where you lose your mental or physical capacity to make decisions for you in accordance with your wishes about what your medical treatment should entail. It is important to realise however that your ACD is unlikely to be valid overseas, although it will be valid in other Australian states.
Sometimes, going overseas is the push that you need to review your affairs and by preparing a Power of Attorney and Advance Care Directive you are protecting your financial and medical security and peace of mind.
We highly recommend that when you prepare your Will you also complete a Power of Attorney and Advance Care Directive. It will only take about one hour of your time and the documents will provide security for your years to come.
While we're talking "overseas and Wills", you may also be interested in "Will my assets outside South Australia be covered in my Will?"