Many of our clients ask “Do we need to have an Enduring Power of Attorney?”. Some, particularly those with small asset bases, believe that it is not necessary to appoint an Attorney to look after their affairs or that if they have a Will, they do not need an Enduring Power of Attorney.
It is important to understand that a Will only applies after death and that an Enduring Power of Attorney is only valid during one’s life.
We should all have a Will and an Enduring Power of Attorney.
If you lose capacity, you cannot make decisions about your affairs. Even those with the simplest of estates need to appoint a person(s) to make financial and personal decisions for them. Without an Enduring Power of Attorney, families are often left unable to make financial and personal decisions for thier loved ones.
Financial decisions can include the sale of assets and payment of accounts. Personal decisions can include decisions about moving into aged care facilities.
It is important that you consult with your lawyer and carefully consider the benefits of an Enduring Power of Attorney. At the same time, you might seek advice on what was commonly called a Medical Power of Attorney, now called an Advanced Health Care Directive, which enables you to give directions about future care should you lose capacity or be terminally ill.
Avoid future stress for your families by carefully considering the benefits of these documents.