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What is the difference between an Enduring Power of Attorney and an Enduring Power of Guardianship?
Frequently, lawyers find themselves addressing questions surrounding the differences between an Enduring Power of Attorney and an Enduring Power of Guardianship. This common question is unsurprising, given the similarities between these two legal documents. Both documents appoint a designated person - a Guardian or an Attorney - who can act on your behalf when you're incapable or otherwise unable. While both documents involve entrusting someone to make decisions for you when you cannot, the main difference is in the scope of the appointment. An Enduring Power of Attorney authorizes your attorney to manage your financial and property matters, including bank accounts, shares, insurance,[...]
What is an Enduring Power of Attorney?
A Power of Attorney is a document that allows one person (“the donee”) to appoint another person (“the attorney”) to act for the donee concerning the donee’s finances. If the donee loses the capacity to make financial decisions for themselves, the Power of Attorney can no longer operate. That is where an Enduring Power of Attorney comes in. An Enduring Power of Attorney can still operate and, in some circumstances, will only operate if the donee no longer has capacity. As a result, when a client comes to us to make a Will, we always recommend that they consider also making an Enduring[...]
What happens if I die without a Will?
It probably won’t bother you at all. But you may be leaving a headache for your family or friends. The purpose of a Will is to give a specific person direction about how to divide your estate when you die. Therefore, your Will does two essential things – it nominates someone you trust and tells them what to do with your estate. Without a Will, someone may apply to administer your estate. That person must have an “interest” in the estate, which could be someone who will be entitled to a part of your estate or someone to whom you owe money. Sometimes[...]