Unit 19e Enduring power of attorney
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This document discusses enduring power of attorney and its importance for financial planning. It describes a scenario where a spouse is incapacitated from an accident and the other spouse is unable to access joint investments and pay medical bills without authorization. It recommends establishing an enduring power of attorney with a solicitor to grant permission for a spouse or trusted person to manage finances even if mentally incapacitated, such as from an accident or illness. This helps couples access needed funds in emergencies and the elderly plan for potential mental incapacity.
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Unit 19e Enduring power of attorney
- 1. GENC3003Personal Financial PlanningAndrew Hingstonandrew.hingston@unsw.edu.auUnit 19: Enduring power of attorney
- 2. 2A problemWhat would you do if:all of your non-superannuation investments are in your spouse’s name (income splitting)they are hit by a bus and are in a comayou need to access cash fast to pay for medical bills not covered by Medicare and to pay for living expenses while you are off workyou can’t access any of the money because she can’t sign anything!!!
- 3. 3Enduring Power of AttorneyIf married, consider arranging Enduring Power of Attorney with the solicitor when drafting your will“Power of Attorney” allows them to buy and sell your investments on while you are still “mentally capable”.Good for temporarily granting permission if you are overseas a lot and cannot sign documents.“Enduring Power of Attorney” allows them to buy and sell investments even if you are mentally incapableFor example: if you are in a coma or are mentally illGood for couples in the event of an accidentGood for elderly people in risk of mental illness
- 4. Stop and readNow read:Chapter 20Estate planning4