Legal Comment by Mark Illidge of Hinterland Lawyers

January 2008

At the start of a new year many of us take the time to look at our life and ask some searching questions. Maybe for you that will be a catalyst for major change. If not, perhaps it’s simply a matter of getting your affairs in order. As a lawyer it is more personally rewarding to see a client put good preventative legal measures in place, rather than seeing their emotional, and perhaps financial, distress when trying to extract themselves from a difficult situation.

Following are some items that may be applicable to you, your family or your business.

Personally, peace of mind will come from having an Enduring Power of Attorney in place. Through this document you provide your spouse or another trusted person with the power to manage your personal, health and financial affairs when you can’t (either through absence or incapacitation). If you feel strongly about how your health is managed, you can also execute an Advance Health Directive. It is wise to make a Will and review it periodically.

Getting married or commencing a defacto relationship? Consider a Prenuptial or Cohabitation Agreement.

Starting or buying a business? Beyond registering your business name (which does not give you exclusive rights), consider trademarking. Do you have an idea that you should patent? Have you talked to your accountant about the business structure and financing? Have you thought about how you might exit the business and devised a succession plan? Your lawyer will be able to assist with some of the above, as well as providing a properly drafted Contract, Lease and/or Partnership Agreement.

The effort put into forward planning will be rewarded when, down the track, you avoid messy, protracted and costly disputes. Rather, issues are more likely to be resolved in a cost-effective and timely manner.

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