Have you noticed the number of ads on television lately encouraging you to take out a funeral insurance/plan?
Australia has an aging population, and whether you are 30 or 60 years old, these ads alert us to the need to be aware that life is not forever and we need to take steps to ensure that our wishes are met medically, physically and financially. Don’t fall into the trap of putting off important legal documents that let you have a say in not only what you want to happen to all the things you own, but also, who you want to make decisions for you if you’re not in a position to make them for yourselves.
So, a Will is first and foremost, followed closely by an Enduring Power of Attorney (EPA)
But for this moment together, let’s talk about an Enduring Power of Attorney (EPA)?
Here are some frequently asked questions regarding EPA.
Why would I need an EPA?
The onset of illness or a disability may prevent you from making and/or communicating important decisions that are relevant to your wellbeing and peace of mind.
Is it necessary to have a lawyer as my appointed Attorney?
NO! The Attorney or Attorneys (you may have as many as you deem necessary) you appoint may be a relative, personal friend, your financial advisor… someone over the age of 18 years and someone you TRUST. Don’t just settle on who you feel obliged to give this job to. You might regret it.
“Most people are flat-strap thinking seriously of a Will, let alone of an EPA. Yet it is so fundamentally important ” -Dan Toombs
What role does the appointed Attorney have?
This person/s will have the power to make decisions concerning:
- your assets
- personal issues such as living arrangements
- your health care
- your financial matters
- any specific wishes you have expressed
What should I initially do?
Reflect on the people you would trust to take on this role and who would take on this responsibility. Consider who would best manage your financial matters, who understand your health plan, who you would trust to ensure your wishes were granted.
Once you have made these important decisions and the nominated person/s agree, download and complete your free Enduring Power of Attorney Document.
Be aware that each State and Territory has their own legislation covering a EPA. These may or may not be recognised by other States.