An Enduring Power of Attorney is a document that enables you to appoint a person or entity to make decisions on your behalf if you lose capacity or for other reasons would have difficulty managing your own affairs.
Who should have an Enduring Power of Attorney?
Everyone over 18 years should have an Enduring Power of Attorney, especially:
- Anyone who is facing the prospect of declining health, particularly if their condition affects their ability to make decisions;
- Anyone who is a member of a self-managed superannuation fund.
It is particularly important for trustees of a self-managed superannuation fund (SMSF) to have an Enduring Power of Attorney. If a Trustee of a SMSF loses capacity and there are no other trustees remaining, an administrator or other legally recognised substitute decision-maker must be appointed within six months or the fund becomes non-compliant, causing significant tax ramifications. Rather than running this risk, it is much simpler to have an Enduring Power of Attorney in place.
We can help you decide who to appoint, the power that should be given and ensure the Enduring Power of Attorney is drafted in a way that best protects your interests.
