All clients should consider making a power of attorney depending on their circumstances. A power of attorney is effective during one’s lifetime, whereas a will takes effect upon death.
Our firm prepares both financial and medical powers of attorney, and in both cases the powers are enduring such that they last even if you become legally incapable of making your own decisions.
You must have total confidence in the person or people you are appointing as attorneys, and should not proceed with a power of attorney if you have any doubts.
A power of attorney is definitely recommended as you get older, if you intend travelling, or if you have a blended family relationship and have strong views as to whether your current partner, or children from a previous or current relationship, are to be the ultimate decision makers in your lifteime decisions. You cannot delegate your role as a director of a company, and in that case the company must make the power of attorney.
In September 2015 a new Enduring Power of Attorney incorporating the Financial Power of Attorney and Power of Guardianship is to be available, however the form of the final document has not as yet been released.
Powers of attorney and guardianship can be discussed in greater detail with Malcolm Morris or Nasiya Morris of our office.