Many of our clients find themselves to be under-planned or unplanned during bad times in life when death or infirmity appears to affect their loved ones. We strongly advise clients to create a Will or Enduring Power of Attorney to get your legal affairs in order before any unexpected event happens.
What is an Enduring Power of Attorney?
An Enduring Power of Attorney is your legal right which you grant your attorney to act on your behalf even if when you lose your legal capacity to handle your own affairs.
For example, if you are diagnosed with severe Alzheimer’s disease, and you have appointed your Power of Attorney (PoA), your attorney will act on your behalf to handle your medical treatment and your assets.
Why do I need an Enduring Power of Attorney?
An Enduring Power of Attorney enables your attorney to act on your behalf in the following fields as you wish:
Financial decisions and/or
There are two types of Power of Attorney:
General Power of Attorney, by which you could appoint your attorney to make financial decisions on your behalf for a specific period. For example:
Your attorney may make purchase decision for you on property purchase
Your attorney make use your bank account to pay your personal bills
Enduring Power of Attorney, by which you could appoint your attorney to make financial and/or personal decisions on your behalf.
For financial decisions, you may nominate when your attorney may begin to make financial decisions for you:
Straight away after signing or
At some other date or occasion, such as once you lose capacity to make these decisions when you are incapacitated by severe disease
For personal decisions, you attorney may only commence to make personal decisions for you when you lose capacity
How do I set up an Enduring Power of Attorney?
Ascent Lawyers can assist in drafting wills and Enduring Power of Attorney to make sure your wishes will be carried out when you lose legal capacity.
What are the key issues in setting up an Enduring Power of Attorney?
Appoint the Right Person as your attorney
If your attorney is inappropriately appointed or you failed to constrain the assigned rights, your legal rights may be manipulated to cause wrong result.
Only an accurately drafted Enduring Power of Attorney could protect your legal rights when you lose legal capacity.
What are the responsibilities of the attorney in my Enduring Power of Attorney?
Your appointed attorney can make any decisions on your behalf before you are incapacitated. Such as:
Make purchase/sale decisions on your property
Deal with/set up/close your bank accounts
Sign contracts on your behalf
An attorney may act for his or her own interest but it must not conflicting with your interests.
For more information, please consult with Ascent Lawyers.