It’s time to take care of the future
The benefits of making an Enduring Power of Attorney
Have you gone through a will-making process and established a succession plan that will protect your loved ones?
If the answer is YES – congratulations, you’ve taken appropriate steps to ensure that your assets and belongings will get to the people you care about the most when you pass.
But what if you were unable to manage your financial affairs before you die, due to either mental or physical impairment, perhaps caused by an illness or accident? Who would manage your financial affairs if this situation were to arise?
Our clients can plan ahead for these circumstances by establishing an Enduring Power of Attorney.
What is an Enduring Power of Attorney?
A Power of Attorney and an Enduring Power of Attorney both legally appoint a substitute decision maker, called an attorney, to make legal and financial decisions on your behalf. This could include:
- paying your bills;
- monitoring your income;
- managing your investments;
- dealing in real estate matters on your behalf;
- using your finances to pay for your care in circumstances where you have lost your mental and/or physical capacity.
What is the difference between a Power of Attorney and an Enduring Power of Attorney?
While a general Power of Attorney is cancelled automatically when you die or if you become legally incapacitated, an Enduring Power of Attorney is a power of attorney that continues to operate even after you become legally incapacitated e.g. if you suffered from late stage dementia or Alzheimer’s disease or are unable to communicate in any way, perhaps after a stroke.
An Enduring Power of Attorney is a way of planning ahead, ensuring that someone you trust will can act for you if you become legally incapacitated.
If you are concerned that your attorney doesn’t take over management of your finances before it is appropriate for them to do so, you can ensure that an Enduring Power of Attorney can only be implemented:
- If you have capacity to give consent – only with your express consent; or
- If you do not have the capacity to give consent due to mental or physical impairment – only with confirmation of your impairment from a general practitioner (GP)
What are the benefits of establishing an Enduring Power of Attorney?
In the absence of an Enduring Power of Attorney, your relatives may have to apply to the South Australian Civil and Administrative Tribunal (SACAT) to be formally appointed as your Administrator, incurring review fees and the necessity to lodge accounts.
You can get more information from the South Australian government here:
How can Ezra legal help you?
Established in 2005, Ezra Legal has earned a solid reputation as a leading estate planning law firm based in Adelaide. Our team of experienced lawyers can assist you with all facets of estate planning, including:
- Making a Will (including testamentary trust Wills)
- Power of Attorney (including Enduring Power of Attorney)
- Advanced Care Directives
- Succession Planning
- Estate Administration
- Superannuation (including self-managed funds)
We can demystify the process for you and explain your options.
To review your estate planning, make an appointment with Ezra Legal today; we can arrange home, hospital or aged care appointments if required.
Call us on 08 8231 6100 or email firstname.lastname@example.org
We look forward to hearing from you soon.
Michael Fabbro, Principal