Planning ahead
Many people put a great deal of thought into their Wills – and rightly so, however, many of us do not give a second thought to how our affairs will be managed when we are not in a position to manage them ourselves. This may be as a result of an accident, a serious illness or even due to travel arrangements.
Appointing an Enduring Guardian and Enduring Power of Attorney
Implementing an Enduring Power of Attorney and/or Appointment of Enduring Guardian (depending on which State you reside), allows you to choose the people you trust in order to manage your financial, property affairs, as well as your lifestyle and health care decisions when you cannot. If it becomes too late, it may be left to an independent tribunal to make these decisions on your behalf.
What benefits are there with appointing an Enduring Guardian and Enduring Power of Attorney
Having an Enduring Power of Attorney (POA) and/or Appointment of Enduring Guardianship (AEG) prepared while you still have capacity, can help avoid your loved ones from incurring substantial costs (both legal and medical) on obtaining the appropriate orders so that decisions can be made, it can allow them to make decisions on your behalf efficiently and minimise their stress at a difficult time.
Who benefits from having a POA/AEG
If you are a son or daughter of an elderly parent, ensuring that they have a valid and up to date Enduring Power of Attorney and/or Appointment of Enduring Guardianship could allow you to make decisions on their behalf regarding the health care and living arrangements. If you decide that your parents are unable to live by themselves, it can allow you sell their family home in order to fund the accommodation bond for a nursing home or substituted residence.
If you have a partner that extensively travels with work, having an Enduring Power of Attorney and/or Appointment of Enduring Guardianship allows you to manage the finances for the family or if you are in the process of buying or selling property, your attorney(s) can execute the relevant documentation on your behalf and liaise with any financial institution.
What if someone I know has already lost capacity and does not have a Power of Attorney and/or Appointment of Enduring Guardian.
You should contact our Estate Planning Team so that they can commence the necessary arrangements for you and assist you with applying and obtaining the relevant orders from the appropriate regulatory body.
p: 6206 1300| e: info@elringtons.com.au
