What is a Power of Attorney?
A Power of Attorney is a legal authority for a person to act in place of another.
The need for a Power of Attorney generally arises when the principal or donor has plans to spend some time away from his or her usual place of residence.
What is an Enduring Power of Attorney?
An Enduring Power of Attorney is a legal authority given by one person to another, to:
- manage your affairs at any time or while you are incapacitated;
- take care of your personal affairs and to make personal decisions on your behalf while you are incapacitated; and
- consent to medical treatment, medical donations or to the withholding of medical treatment on your behalf while you are incapacitated.
What is the difference between a Power of Attorney and an Enduring Power of Attorney?
A Power of Attorney does not permit you to make decisions on another person’s behalf if they become mentally incapacitated while an Enduring Power of Attorney can continue to operate during any period where the principal or donor is mentally incapacitated.
What is the difference between Joint and Joint & Several?
Jointly means together, for example where two or more people are appointed to act together to make decisions.
Jointly and Severally means separately and distinctly, for example where two or more people are appointed to act together in addition to acting separately from each other.
Why see us to draw your Wills as opposed to doing it yourself?
Will Kits do not constitute legal advice but merely attempt to provide a guideline as to things you may wish to provide for in your Will.
We recommend that you contact our office to discuss making or updating your Will, rather than attempt “to do it yourself” with the aid of a Will Kit, to ensure that your beneficiaries are looked after in the event of your death. In this regard advice may need to be given in respect of any potential capital gains or losses, family provision legislation and/or general estate planning advice. We will also ensure that you execute the Will in the correct manner to avoid an intestacy arising due to incorrect execution.
When do you need to update or amend your Will(s)?
At regular intervals and particularly where:
- a beneficiary dies;
- there are changes in your family situation (for example births, deaths, marriages, separations or divorces);
- there are changes in your financial position, the impact of capital gains taxes or in the impact of death duties;
- there is a change in your name or in the name(s) of your beneficiaries or in the name(s) of any other persons mentioned in your Will;
- you sell or otherwise part with any property specifically left in your Will to a particular beneficiary;
- there are changes in the value of any property left in your Will to a specific beneficiary; or
- any executor/trustee dies or becomes unsuitable to act due to age, ill-health, etc.
If you wish to alter or revoke your Will(s) we suggest that you consult us to ensure that your wishes are given effect to and that all necessary legal formalities are observed.