Why Do I Need An Enduring Power of Attorney?

As your Will does not take effect until after your death, and therefore cannot operate in the event of your mental incapacity or other legal disability, it is essential that an Enduring Power of Attorney and an Appointment of Enduring Guardian are put into place as part of your estate planning strategy.

A Power of Attorney is an important and powerful legal document which amongst other things gives your appointed attorney the authority to deal with your real estate, shares and other assets, to operate your bank accounts, and to spend your money on your behalf.

An Enduring Power of Attorney continues to operate in the event that you lose mental capacity, whereas non-enduring powers of attorney cease to operate in this event.

Why Do I Need An Appointment of Enduring Guardian?

However, whilst a Power of Attorney enables someone to make financial decisions on your behalf, it does not deal with lifestyle and health decisions. You need to also make an Appointment of Enduring Guardian to appoint a trusted person to make such decisions, including decisions relating to your medical treatment.

Are You The Sole Director of a Company?

If you are the sole director of a company, and you lose your mental capacity, no-one will be able to run your company. What’s more, because the role of a director is a personal one, you cannot simply delegate it to another person – not even to your enduring attorney.

To cover this situation before it happens, your company (as a separate legal entity from you) may be able to appoint an attorney under a special corporate power of attorney.

For more information about an Enduring Power of Attorney, a Corporate Power of Attorney or an Appointment of Enduring Guardian, please contact us to discuss your needs.

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