Preparing an Enduring Power of Attorney: Key Factors to Consider
When preparing an enduring power of attorney, you need to consider several important factors to ensure that your wishes are accurately reflected and that your assets and estate are protected.
Here are some key considerations:
- Choose a trustworthy attorney: Your enduring attorney will have the power to make important decisions on your behalf regarding your finances and property, so it’s crucial to choose someone you trust completely. This could be a family member, friend, or professional advisor.
- Be clear about your wishes: Clearly articulate your wishes and expectations to your enduring attorney, so they understand your values and preferences. This can help prevent misunderstandings or disputes later.
- Determine the scope of the powers granted to your enduring attorney: If you decide not to grant your enduring attorney with all powers exercisable by them pursuant to the Guardianship and Administration Act 1990 (WA), then you need to decide which powers you want to grant to your enduring attorney, such as the ability to manage only certain aspects of your financial and or property interests.
- Consider contingencies: Consider potential future scenarios, such as your enduring attorney becoming incapacitated or passing away and make contingency plans to address these situations such as appointing two enduring attorneys together, or a substitute.
- Review and update your enduring power of attorney regularly: It’s important to review your power of attorney regularly and update it as needed to reflect any changes in your circumstances or wishes.
By carefully considering these factors, you can help ensure that your enduring power of attorney accurately reflects your wishes and protects your assets.
If you wish to speak with our experienced lawyers to ensure that your enduring power of attorney accurately reflects your wishes and intentions, and is prepared in accordance with law, feel free to contact our office.
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All information on this site is general information only, and does not constitute specific legal advice. Please consult one of our experienced legal team for specific advice relevant to your situation.