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|Updated: 17 Mar 2009|
|Legal/Para Legal Services||Yes|
|Updated: 27 Apr 2009|
|Retirement planning is about setting up the right structure and co-ordinating those things with your Will, having Enduring Powers of Attorney, considering your parents' Will (if appropriate) and using all the tools available to achieve the objectives you want with your assets.
Demystifying Enduring Powers of Attorney
Many people understand the need to have a Will … but unfortunately the same cannot be said for Enduring Powers of Attorney (“EPAs”).
Every person who has a bank account or completes any kind of financial transaction which involves signing their name, needs to have an Enduring Power of Attorney for property in place. Any one of us at any time could have an accident, stroke or other event which may mean we lose capacity, even just for a short time.
So How Do Enduring Powers of Attorney Work…..
There are two types of Enduring Powers of Attorney.
Enduring Power of Attorney for Property
This is where you appoint a person (or persons) to be your Attorney and they can sign on your behalf if you lose the mental capacity to make any financial type decisions (it does not just have to relate to property or real estate). When we prepare the EPA document there are a variety of choices you make, such as making the document effective immediately or effective only when you lose capacity. If you choose only on you losing mental capacity then a doctor needs to certify that you have lost the mental capacity to make decisions. Alternatively the document can be effective immediately which means if you go overseas and a document or an application urgently needs to be signed while you are away, your Attorney can do this for you. You can also require your Attorney to liaise with other family members when making decisions on your behalf. This might be useful if you have more than one child. Another option is being able to name a Successor Attorney so if anything happens to your Attorney there is a backup.
Enduring Power of Attorney for Personal Care and Welfare
An Enduring Power of Attorney for Personal Care and Welfare is slightly different to an Enduring Power of Attorney for Property in that it can only take effect when a person has lost their ability to look after themselves. When this happens a doctor has to certify that the person has lost that capacity. You can only choose one person at a time to act on your behalf, but you can choose a Successor Attorney. Again you can say that your Attorney needs to liaise with other named persons before making decisions for you. The Personal Care & Welfare Attorney is the person permitted to sign consents to medication and medical procedures on your behalf if needed and make the day to day living decisions for you.
We are based in Albany on the North Shore, but are happy to attend at your home if mobility is an issue.
On instruction of any work required to be undertaken we will give you a clear fees estimate so you and your family understand what is involved.
|Updated: 6 May 2016|