Where there’s a Will, there’s a way. What’s the difference between an enduring power of attorney and a will, and do I need them both? Most Australians understand the need and importance for a will. It is the legal document which governs what happens to your estate upon your death. The will appoints an executor who is tasked with administration of the remainder of the terms of you will. This often includes the collection of all your assets, payment of your liabilities and distribution of the balance in accordance with your wishes as set out in that document. A party who fails to have a will generally dies intestate which means that their family and friends are left to tidy up the mess which has been left behind. But if you have a will why do you need an enduring power of attorney
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and what does it actually do? An enduring power of attorney allows the person to appoint a party (often a husband or wife) who they trust implicitly to stand in the shoes of that person and have the ability to do for that person what they could lawfully do for themselves. These powers generally have two categories being financial matters and then personal and health matters. A person may determine if they grant one or both of these powers to their attorney. Further, they can limit the occasions all the scope of the power they are giving to their attorney. With respect to financial matters the person may specify when these powers will begin, and generally with personal and health these powers will begin only the person granting the power has lost the ability to make decisions
on their own behalf. It is a very powerful document and there are some overriding consideration that should be had for a power of attorney is granted, however for the majority of people, this power of attorney will be a key document during their lifetime, whereas a will, will only come into effect once a party has died. These are important considerations for everyone. Specialised legal advice should be sought as to the best will, power of attorney combination for you. At OMB solicitors we have a specialised estate planning team who can provide advice and guidance to you. OMB Solicitors Level 1, 9 Seabank Lane, Southport, Tel (07 5555 0000. omb.com.au
