•Document signed by you appointing a person called an Attorney to manage your affairs in the event you become of unsound mind and incapable of managing your affairs
Why should you make an Enduring Power of Attorney?
•Who will take control of your affairs if you are unable to do so?
•Who will run your business?
•Safety net if in the unfortunate event you lose your ability to manage your affairs
•Provides security and piece of mind
•Cheaper and less stress for your family
What happens if I don’t have an Enduring Power of Attorney?
•Assets frozen and cannot be used
•Family will have to apply to the High Court for you to become a Ward of Court
•Property and assets under control of Court
•Court will decide who to appoint to manage your affairs
•Can be a long process
•Annual levy payable to Wards of Court
When does an Enduring Power of Attorney take effect
•ONLY takes effect if you become of unsound mind and lose your ability to manage your affairs
•Your doctor must provide a statement that you cannot manage your affairs
•Apply to have Enduring Power of Attorney registered