Many people think an Enduring Power of Attorney is only something you need later in life or if you’re unwell.
But if you’re over 18, it’s something you should have in place now.
Some of our clients have come to us believing that if they have a Will then they’re covered, assuming their executors will be able to manage things on their behalf if they later lose capacity. It doesn’t work like that. Your Will only takes effect once you have died. While you’re still alive, the people you’ve named as your executors don’t automatically have authority to act for you, even if you lose capacity.
Similarly, your spouse isn’t automatically able to make decisions or sign documents on your behalf if you lose capacity (even for basic everyday matters such as paying bills, accessing bank accounts, dealing with government agencies, lodging tax returns and arranging insurance). For that, you need an Enduring Power of Attorney.
An Enduring Power of Attorney continues to operate if you lose capacity – whether temporarily or permanently. That’s what makes it such an important estate planning tool.
Without one in place, your loved ones may need to apply to SACAT to be appointed to act on your behalf. This process can be time-consuming, stressful and costly, particularly during an already difficult time.
Putting an Enduring Power of Attorney in place now gives you control and peace of mind. You choose who can act for you, when they can step in and how your affairs are to be managed. It protects you and significantly eases the burden on those close to you.
We are experienced wills and estate planning lawyers based in Prospect and work with families across Adelaide to explain your options clearly and help you put the right protections in place to suit your personal circumstances.
Book a free chat with us today to discuss how we can help you put an appropriate Enduring Power of Attorney in place to protect your family’s future.