Estate Lawyers Melbourne not only provides expertise in relation to Will and Estate Disputes. Prior to death, it is often necessary for families to care for their loved ones financial affairs through Powers of Attorney appointments.
Drafting effective Powers of Attorney is a challenge that should be looked at by prospective clients with great care.
The complexity of modern business and investment together with the requirements of Government agencies and large organisations is leading to Lawyers reviewing the way they draft their client’s Enduring Powers of Attorneys to include specific powers, provisions in relation to conflicts etc. When drafting effective Powers of Attorney, the following matters should be included:-
1. The legislative background. What options do the various Acts interstate allow?
2. Why do you include specific powers?
(a) Should there be a power to sell property? Is that necessary?
(b) Should there be a power to fund family members and, if so, on what basis?
(c) Should there be a provision for aged care facility bonds?
(d) Should there be a provision for philanthropic donations?
(e) Should there be a provision to withdraw superannuation benefits?
(f) Should there be a provision to make binding death benefit nomination?
Drafting an Enduring power and conflict transactions
1. Common examples of conflict transactions should be considered.
2. Identifying conflict transactions that are permissible.
3. Drafting appropriate provisions and incorporating protections against elder abuse.
DRAFTING TO KEEP THE PEACE
1. Requirement to consult with other siblings or family members.
2. Provision of information to non-attorney siblings or other family members.
DRAFTING FOR PRUDENT DECISION MAKING
1. Requirements to get independent financial advice.
2. Appointing different persons for different purposes.
OTHER ISSUES AFFECTING ENDURING POWERS
1. Accidental revocation due to death of one or more of the Attorneys.
2. The importance of regular reviews of Enduring Powers of Attorneys.
Legal Practitioners who practice in Wills and Succession Law are the people to consult in relation to these matters. Estate Lawyers provides that expertise.