We have previously discussed what a Power of Attorney is as well as what an Enduring Power of Attorney can do for you. In summary, a Power of Attorney gives the authority for someone to act on your behalf in matters involving your finances. An Enduring Power of Attorney will allow this person to continue acting even if you are incapacitated.
If you are considering executing an Enduring Power of Attorney you should consider the following:
- Do you engage in a risky job, or do you travel a lot?
- Are you at an advanced age?
- Does your family have a history of diseases that might cause you to be incapacitated?
- If you consider that an Enduring Power of Attorney is appropriate, when should it commence from? The day it is executed, or at a time when you are incapacitated?
- What are your assets? Do they include land or real property?
- If you are incapacitated, does your family require immediate access to assets that are held in your name?
- If you are incapacitated, does your family need to sell off your land or real property or personal assets?
- Who should be your attorney? Your attorney should be someone trustworthy and someone whom you know will act in your best interests.
- What kind of restrictions would be appropriate for your attorney?Can they deal with land or real property? Should they only be limited to act on your behalf on a small range of matters?
- Should your attorney also use the funds from your assets to provide for other people, such as your family?
The above points are all matters that you should consider when putting together an Enduring Power of Attorney – however these are non-exhaustive. If you are looking to put together an Enduring Power of Attorney, give us a call to ask us some further questions on what is involved, or send an e-mail to us using the quote form above.