Wow I see some interesting family dynamics when it comes to dealing with seniors…
Some families have a principle focus on supporting family members and ensuring their safety. Yet, other times I see people trying to take advantage of senior loved ones…people the seniors should be able to trust to look after their best interests. The differences can be confronting!
Let’s be clear…I’m not a legal professional, so check with your favourite solicitor before you jump in an make any changes to your circumstances.
Each and every one of us over 18 years of age, regardless of whether you have assets or not, should give consideration to speaking to a solicitor about getting an Enduring Power Of Attorney (EPOA) set-up. From a legal standpoint an EPOA allows you to appoint someone else to make decisions for you when and if you can’t. Without an EPOA in place you could find yourself at the mercy of a government department…that department will have authority to make decisions on your behalf if you can no longer do it for yourself.
There are some real horror stories about what can happen when the government takes over decision making, but then again the same can apply when you chose to appoint an EPOA…occasionally things can and do go wrong when the person appointed oversteps their authority.
While I’m all for having an EPOA in place, I’ve had one in place for at least 22 years now, I’m all for knowing how to revoke (take away) the power created by an EPOA if anything goes wrong or your relationship breaks down. Think about it, would you want someone you no longer trusted or liked to be able to make decisions on your behalf? What about if your marriage breaks down and you hate your ex? would you trust them to make decisions you’d want for you? I think not.
So instead of simply implementing an EPOA I encourage you to also ask your solicitor how to take away those powers (revoke) you’re about to grant.
It’s important to know our options for protecting our futures from the unknown. Do you know yours?