What is an Enduring Power of Attorney?
An enduring power of attorney is a legal document that allows someone ( the “donor”) to appoint another person (the “attorney”) to make decisions on their behalf, even if they become mentally incapacitated or unable to make decisions for themselves in the future – the attorney would step in and make decisions for them.
Examples of matters an attorney may take care of:
Financial management such as paying bills, managing investments, and making decisions about property.
Health care decisions, this can include decisions about medical treatments, where the individual will receive care, and other health related matters.
It can act as peace of mind that the individual’s affairs will be managed by someone they trust if they become unable to make decisions for themselves. This can be particularly important for individuals who have a higher risk of developing conditions that may impact their ability to make decisions, such as dementia.
It may also help to avoid unnecessary legal complications. Family members may need to go through a more complicated legal process to have someone appointed to manage the individual’s affairs if they become incapacitated. This can be time-consuming, expensive, and stressful.
Overall, an enduring power of attorney can provide individuals and their families with greater peace of mind and help ensure that their affairs are managed in accordance with their wishes if they become unable to make decisions for themselves.
It’s important to note that an enduring power of attorney can only be created while the donor is still mentally capable of making decisions for themselves. Once the donor becomes incapacitated, it’s too late to create an enduring power of attorney, and the family would have to go through a more complicated process to have someone appointed to make decisions on their behalf.
If you are considering setting up an enduring power of attorney, get in touch with your Home Transfer Centre contact or enquire with us by emailing office@hometransfer.nz for advice.