Having a Will is only one part of protecting your assets, your estate planning and assisting your family with dealing with your assets.
A Will sets out how your assets are distributed once you pass away, but what about if you lose capacity before you pass away?
It is important, that as well as getting a Will, you also consider getting an Enduring Power of Attorney and an Enduring Power of Guardianship.
What is an Enduring Power of Attorney?
An Enduring Power of Attorney allows someone (or two or three people if you want, potentially even more people..) to deal with your assets in the event that you lose your mental capacity, or you can even nominate them to be able to assist you in dealing with your assets if you are overseas.
What is an Enduring Power of Guardianship?
An Enduring Power of Guardianship nominates who can make decisions about your care and living arrangements in the event that you lose your mental capacity. It can include things such as health plan, and choosing which nursing home you go into.
Why is it important to have an Enduring Power of Attorney and Enduring Power of Guardianship?
They are both important as they put things in place to assist you in a scenario when you are still alive, yet cannot make decisions on your own. If you have a serious accident, you may not be able to sign any documents yourself, meaning it is important that you have something in place to enable these things to still happen.
Do I need an Enduring Power of Attorney or Enduring Power of Guardianship?
In short, yes, you probably do.
Our team recommend that everyone considers getting an Enduring Power of Attorney and Enduring Power of Guardianship. If you think you might need one, please contact us to have a chat to see if it is appropriate. We only charge $99 for an Enduring Power of Attorney and $99 for an Enduring Power of Guardianship so you really have nothing to lose.