Your personal affairs
As critical as your business considerations are your personal affairs. It is an important time to take stock of your succession planning so that you and your families can feel confident that they are protected if the worst happens.
WILLS AND BUSINESS SUCCESSION PLANNING
Some of our clients are feeling anxious wondering whether their estate planning and business succession is appropriate and up to date. We encourage our clients to contact our team to discuss your documents to ensure that they still meet your objectives.
All of our teams have measures in place that allow us to take instructions and have meetings (whether in person or by video or teleconference) while complying with social distancing guidelines or allowing our clients to remain self-isolated where necessary. If any of our clients are in a position where they require estate planning documents but are self-isolated, we can work you to achieve the best outcome in the circumstances.
POWERS OF ATTORNEY
There are two main types of power of attorney document:
- enduring powers of attorney; and
- general powers of attorney.
A general power of attorney operates only to give the appointed power to deal with financial matters on a person’s behalf (the principal). A general power of attorney ceases to operate if the principal dies or loses capacity to make their own decisions. A general power of attorney does not allow the attorney to make any health or lifestyle decisions for the principal.
An enduring power of attorney allows the appointment of an attorney for both financial matters and personal and health matters. An enduring power of attorney also terminates on death, but it endures in the event that a principal loses capacity to make decisions.
For those clients who are choosing to (or are required to) self-isolate due to illness or because of compromised immune systems, it may be necessary or beneficial to have a power of attorney (of either type) in place to appoint someone to act on their behalf in relation to financial matters. A power of attorney for financial matters allows your appointed attorney to act for the principal in relation to any matters relating to financial or property affairs, including legal matters relating to financial or property affairs. Examples of financial matters include:
- Paying rates, taxes and other property expenses;
- Carrying on a trade or business on behalf of the principal;
- Dealing with banks, including depositing and withdrawing money for the principal; and
- Dealing with real property, including signing contracts and transfer documents.
A power of attorney for financial matters may allow you to continue your day to day operations through a trusted friend or family member, while allowing at risk individuals to remain isolated.
This publication covers legal and technical issues in a general way. It is not designed to express opinions on specific cases. It is intended for information purposes only and should not be regarded as legal advice. Further advice should be obtained before taking action on any issue dealt with in this publication.