Think you’re too young to have an Enduring Power of Attorney? You’re not.
When it comes to estate planning, clients often agree that it is essential to have a current Will in place but the idea of preparing Enduring Powers of Attorney (“EPOAs”) is cast aside until they are “older”. While a Will deals with your assets after you die, EPOAs allow you to appoint a trusted person to make decisions about your assets and health care while you are alive but when you do not have the mental capacity to make those decisions yourself.
Although EPOAs are often associated with the older generation, for example if an older family member has dementia, it is important to consider the importance of EPOAs at all stages of life. It only takes a bump to the head to affect your mental capacity and we do live in New Zealand’s adventure capital after all… so who would you trust to make decisions about your house, bank accounts and health care if these circumstances were to arise?
If you would like to discuss what is involved with preparing EPOAs or review your current EPOAs, please feel free to contact us. We also take this opportunity to advise you that new legislation relating to EPOAs comes into place on Thursday 16 March 2017. If you are in the process of preparing EPOAs but these remain unsigned or part-signed, please contact us as soon as possible as if your EPOAs have not been signed in full they will become invalid after this date.
By: Sarah Ogilvie