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February 05 newsletter
Like wills, enduring powers of attorney are important estate planning tools. And, like wills, the Shape of Money recommends that its clients have enduring powers of attorney drawn up.
Enduring powers of attorney are designed to be effective while you are alive, whereas wills become effective on your death.
An enduring power of attorney is implemented when, if through accident or illness for example, you are unable to look after your own affairs.
There are two forms of enduring powers of attorney.
The first covers your health and general care. There can only be one attorney or person in this role. This person, generally a partner or friend, makes decisions on your behalf that, for example, affect your medical care and where you should live.
The second form of an enduring power of attorney is one which covers your assets and property. There can be more than one "attorney" for this role. The person(s) nominated for this role control your assets and make decisions, for example, on your investments, debt and the sale and purchase of your property.
In the event that you are incapacitated without having appointed enduring powers of attorney, a costly and lengthy court process may need to be followed. Obviously, it's also a difficult time for your family and friends, who are at this time coming to terms with your illness and incapacity.
the Shape of Money recommends that you discuss the relevance of enduring powers of attorney with your legal representative.