In addition to Wills, we also recommend that anyone over 18 years of age considers an Enduring Power of Attorney (EPoA). An EPoA is used to take care of a person’s personal or financial matters if they cannot, this person is known as the donor. This gives the people nominated the legal right to act on the donor’s behalf in relation to one or more aspects of their life.
There are two types, one for property and one for personal care and welfare. Once an EPoA comes into effect, the person nominated to look after property affairs makes decisions concerning money and property on the donor’s behalf. The person nominated to look after the donor’s personal care and welfare makes decisions about health or personal matters.
Both are essential. The donor setting up the EPoA can choose when it comes into effect, any special terms and conditions, and who the person appointed to act on their behalf must report to and consult with. These are issues that your solicitor will discuss with you.
An EPoA only comes into effect on an assessment by a suitably qualified health practitioner that the donor is mentally incompetent to carry out their affairs. The property EPOA can be effective on signing by all parties, but only if the donor wishes it.
EPoA’s are usually associated with people heading into their senior years. However, an unexpected accident or illness can happen at any time, rendering you unable to make decisions for yourself. An EPOA will allow you to say in advance who is to speak for you in this situation, rather than having a court step in to decide who is to take charge.
For more information, see the NZ Law Society:
https://www.lawsociety.org.nz/news-and-communications/guides-to-the-law/powers-of-attorney
https://www.lawsociety.org.nz/__data/assets/pdf_file/0004/69223/Powers-of-Attorney-Oct-2018.pdf
There are two types, one for property and one for personal care and welfare. Once an EPoA comes into effect, the person nominated to look after property affairs makes decisions concerning money and property on the donor’s behalf. The person nominated to look after the donor’s personal care and welfare makes decisions about health or personal matters.
Both are essential. The donor setting up the EPoA can choose when it comes into effect, any special terms and conditions, and who the person appointed to act on their behalf must report to and consult with. These are issues that your solicitor will discuss with you.
An EPoA only comes into effect on an assessment by a suitably qualified health practitioner that the donor is mentally incompetent to carry out their affairs. The property EPOA can be effective on signing by all parties, but only if the donor wishes it.
EPoA’s are usually associated with people heading into their senior years. However, an unexpected accident or illness can happen at any time, rendering you unable to make decisions for yourself. An EPOA will allow you to say in advance who is to speak for you in this situation, rather than having a court step in to decide who is to take charge.
For more information, see the NZ Law Society:
https://www.lawsociety.org.nz/news-and-communications/guides-to-the-law/powers-of-attorney
https://www.lawsociety.org.nz/__data/assets/pdf_file/0004/69223/Powers-of-Attorney-Oct-2018.pdf