what is an enduring power of attorney and why do i need one

What is an Enduring Power of Attorney and why do I need one?

Powers of Attorney
what is an enduring power of attorney and why do i need one

Most people have heard of a legal document called Power of Attorney, but not many understand the different types of Powers of Attorney, how they work, when and how to create one, the terms to include or whom to appoint as your agent.

This is an example of where a little knowledge can be a dangerous thing. Powers of Attorney are a specialised area of law.

Don’t be fooled into believing the lady at the hairdresser or the bloke down the pub who says that it is easy to do this yourself.

7 myths about powers of attorney

7 Myths About Powers of Attorney

Powers of Attorney
7 myths about powers of attorney

By signing a Power of Attorney you do NOT lose control over your affairs while you are able to manage them.

As long as you retain your capacity, you can always vary or revoke your own power of attorney, and you can place limitations on your agent which vary according to your requirements.

Most people execute an unrestricted Enduring Power of Attorney.

dealing with chronic illness and planning your estate

Dealing with Chronic Illness and Planning Your Estate

Powers of Attorney
dealing with chronic illness and planning your estate

Estate planning requires some tough conversations and occasionally involves thinking about worst-case scenarios for you or your loved ones.

That’s why a lot of people treat it like the dentist, something that they know they ought to do but they keep putting it off.

Planning your estate and the more difficult aspects that come with it can be made even harder by dealing with a chronic illness, whether it’s your own or your spouse’s.

at the end of 2020 will you look back proudly and say i did that

At the end of 2020, will you look back proudly and say ‘I did that’ ?

Advance Care Directive, Powers of Attorney, Wills and Estate Planning
at the end of 2020 will you look back proudly and say i did that

New Year’s resolutions are an ancient tradition, stretching back millennia. Over 4,000 years ago the Babylonians were the first people to make New Year’s resolutions.

Every year at this time, millions of people make resolutions promising improvements in their lives.

Alcohol will be forsworn, exercise embraced, hobbies sought, healthy eating vowed. It makes sense to respond to the indulgences of Christmas with this sort of healthy catharsis.

powers-of-attorney-die-with-their-owners

Powers of Attorney die with their owners

Estate Planning, Powers of Attorney, Trusts & Guardianship, Wills and Estate Planning
powers-of-attorney-die-with-their-owners

In the UK recently a person has been fined the equivalent of many thousands of dollars for using an expired power of attorney to withdraw money from the principal’s bank account after her death, even though he acted with the consent of her sole beneficiary (her son).

The agent was a close friend of the deceased, and of her only son. Although aware of her death, over the subsequent weeks he made three withdrawals from her personal bank accounts.

Some of this money went towards funding a property transaction which had been specifically authorised by the deceased before her death.

Other funds were either used for legitimate and authorised estate expenses, or were not used at all and later returned to the estate account.

Estate Planning Documents You Need to Update After Separation or Divorce in Australia

Estate Planning Documents You Need to Update After Separation or Divorce in Australia

Estate Planning, Powers of Attorney, Wills and Estate Planning
Estate Planning Documents You Need to Update After Separation or Divorce in Australia

When you are going through a separation, you need to update your estate planning documents to protect yourself, your children & family and your assets. Here are some important matters to consider after a relationship breakup.

Other Documents in Addition to Your Will

  1. After separating, you should create a new Will. You should also review your powers of attorney, advance directives, trusts, proxy, delegation, etc. You may well need to formally revoke these important legal documents, so that your ‘ex’ cannot continue to control aspects of your life. However to be valid, these ‘revocation’ documents must be communicated to the individuals whom you had previously appointed, so these are not as confidential as the Will.