When giving someone a limited power to do something specific on your behalf, you may not want that power to continue for very long.
EPOA
Managing an SMSF when dementia affects a member
John and Mary have an SMSF with a corporate trustee and are the current members of their SMSF. Mary is experiencing the early on-set symptoms of dementia and has an enduring power of attorney where she has appointed the NSW Trustee and Guardian to act as her attorney.
Changing your mind about your enduring power of attorney
An Enduring Power of Attorney (POA) is a significant legal document necessary for empowering an ‘attorney’ to make decisions on your behalf. These decisions can be related, in some States just to financial issues, superannuation and asset management and in others extending to residence, health services and more.
Uncertain future of attorneys making BDBNs for their principals
While the facts of a recent NSW Supreme Court case, G v G (No.2) [2020] NSWSC 818, relate to a financial manager appointed under the NSW Trustee and Guardian Act 2009 (NSW) and retail super funds, the decision that the fiduciary office has no authority to make a binding death benefit nomination seems to raise an interesting question quite relevant for SMSFs.
Should your attorney have carte blanche over your super?
Appointing an attorney to look after your finances if you become mentally incapable is a good idea but should there be limits?
Revocation of an Enduring Power of Attorney
Sometimes it’s necessary to change your power of attorney in which case you’re going to need to revoke the existing appointment.
10 ways to protect your SMSF from loss of mental capacity
If you have a self-managed superannuation fund (SMSF), you need to plan ahead to ensure that it can still keep going if you lost mental capacity due to dementia (or other reasons such as suffering a stroke).
The benefits of an EPOA in estate planning
An Enduring Power of Attorney (EPOA) is a document where a principal (a person or company) appoints an individual or individuals (called the attorney) to act for the principal in relation to financial affairs, property matters and, in some States, lifestyle matters such as medical treatment or where the principal lives and how they should be cared for.