An enduring power of attorney allows you to appoint someone, but not necessarily a lawyer, to make financial and legal decisions for your benefit. Even if the person appointing the attorney is physically and mentally fit, the decisions can still be made.
The NZ’s Lasting Powers and Attorney have replaced the enduring powers. It is common for individuals in NZ to benefit from both of these powers. You can also get more information about enduring powers attorney in NZ via https://www.trustees.co.nz/private-wealth/family-and-estate-planning/enduring-powers-of-attorney/.
Why do we need Enduring powers?
While no one can predict the future, people are often unable to make the most basic decisions in life. An enduring powers attorney is a useful tool. There are guidelines that can be used to determine if a person is truly unable to make decisions due to injury or age.
There are other benefits to having an attorney take care of your affairs. It is possible to travel internationally and manage your business without having to worry about domestic affairs. Many family members don’t have the necessary skills to handle financial or legal matters. This means that certain aspects of your business may be neglected while you are away. These matters can be handled by an enduring power of attorney, which keeps you informed and in control.
What is the role of an attorney?
These are the duties of an attorney:
- Keep your affairs confidential
- Do what is in your best interest, not the men.
- Follow the legal requirements
- Only if authorized, transfer the powers to another person