Succession Planning – Doing Nothing Is Not An Option

Estate and Succession Planning is not as simple as just making a Will. Have you considered appointing a family member or a trusted person to deal with your financial and legal affairs including your money, property and investments, if you become unable to manage them yourself?

The earlier the process is started, the better the chance of fairness, protecting assets, and maintaining family relationships from generation to generation.

In our previous articles, we discussed Power of Attorney. Today, we will deal with some commonly asked questions.

Frequently Asked Questions
1. What is the difference between a general power of attorney and an enduring power of attorney?

A general power of attorney is only valid while you are able to make your own decisions. If you lose your mental capacity and you can’t make your own decisions, the general power of attorney will no longer be valid. You might use a general power of attorney if you are temporarily unable to do something and you need someone to act on your behalf (ie, if you are travelling).

An enduring power of attorney continues to be valid even if you lose your mental capacity (ie, through accident, illness or disability). An enduring power of attorney allows your attorney to continue to handle your legal and financial matters when you cannot.

2. Why do I need a power of attorney when I have a Will?

A Will is only operative after your death whereas a Power of Attorney is operative during your lifetime. There is no overlap and they perform different functions.

3. Power of attorney is only for the elderly. Why do I need one at this age?

This is not true. During this uncertain time, we do not know what is in store for us tomorrow. Therefore, it is better to have everything in place today.

4. Can I appoint more than one attorney?

Yes, you can appoint as many attorneys as you like. However, appointing multiple attorneys can create other legal and practical complications. You should always seek legal advice before you decide to appoint multiple attorneys.

If you would like to discuss or make a power of attorney, simply email us at info@straitslawyers.com or call at 08 8410 9069 to arrange an appointment.

Alternatively, if you would like to prepare a Will, Straits Lawyers are now offering an online package for Advance Care Directives and Wills. Simply purchase our package via this link: https://straits-lawyers.square.site/product/will-and-advance-care-directive-package-/13

Please note that this article does not constitute legal advice.