An Enduring Power of Attorney legally allows you to appoint another person as your Attorney.
Why would you need an Attorney? Because sometimes just making a will is not enough protection for you or the family.
Sadly, accidents or illness can and may strike at any time. As a result, you may be left mentally incapacitated. Having an Enduring Power of Attorney in place beforehand means that your nominated Attorney can make financial decisions on your behalf.
Without it, decisions cannot be made; decisions may be stalled. This situation may put pressure on your business, family, real estate or other investments. Not having someone to make decisions or release necessary funds may hamper your medical care and increase stress levels at a time when your family is already struggling.
Your Enduring Power of Attorney can be prepared so that the person you appoint can act immediately after the documents are signed. Alternatively, you can have the document in place in case of an unforeseen circumstance. It is after the State declares you incapable of making your decisions.
So who should you appoint as your Attorney? Please take the time to make the right decision. What factors you must take into account when deciding:
- Do you trust the person to know your wishes?
- Will that person act impartially and always in your best interest?
- Do they have the knowledge to deal with your financial situation and make the right investment decisions?
- Can they communicate effectively with the other people who matter to you?
Sometimes this may be a partner, a friend, or a business colleague.
There is no point waiting till after the event. Now is the time to protect your assets. Have the confidence that your real estate and investments will be managed wisely. A mental illness, no matter how shocking mustn’t add undue pressure on your family.
Speak to Don Gayler about preparing an Enduring Power of Attorney for you.