Legal housekeeping is essential to a stress-free future. In the event of death, injury or illness, there are simple legal documents that can give you and your family instant financial and emotional relief.Power of Attorney (“POA”)A POA document allows you to appoint an attorney to act on your behalf in relation to your financial and/or legal affairs. If you have an enduring POA, the document continues to be effective once you have lost capacity, which is where it’s true value lies.
An Attorney takes on your financial responsibilities which could include the management of your bank accounts, your shares and real estate. These responsibilities can be undertaken in the short term, for instance if you are ill or are travelling overseas. They can also be undertaken in the long term, for instance if you lose your mental capacity. Your attorney would be able to meet all your legal and financial needs.
An Enduring Guardianship Appointment (“GA”)
When you are unable to attend to decisions regarding your health and lifestyle, an appointed Enduring Guardian can make
these decisions on your behalf. They will be responsible for decisions surrounding your medical and domestic support services, accommodation and lifestyle requirements. Ideally, you would appoint your spouse, a son or daughter, a brother or sister or a good friend.
A Will is the most important of these legal documents and needs to be reviewed on a regular basis. Did you know that small changes in your life can instantly revoke your Will or affect its validity? A Will is important as it documents your wishes about what you want to do with your assets after your death. If you do not have a Will, your assets will be distributed in accordance with the laws of intestacy, which may not accord with your wishes. The importance of updating of your Will to reflect your current circumstances and wishes is unquestionable.
Author: Constance Campbell
This article is general information only and should not be relied on without obtaining further specific information.