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What is the difference between an Enduring Power of Attorney and guardianship?
An Enduring Power of Attorney allows you to choose in advance who will act on your behalf if you are no longer able to make decisions for yourself. Without such arrangements, it may be necessary to apply to the court for the appointment of a guardian - a process that can be lengthy, complex, and may not necessarily reflect the individual's wishes.
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When does an Enduring Power of Attorney come into effect?
An Enduring Power of Attorney comes into effect when the person is no longer able to understand or make decisions regarding the matters covered by it, or in accordance with the conditions specified in the document.
In many cases, appropriate confirmation - usually medical - is required in order to activate it.
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Can an Enduring Power of Attorney be amended or revoked?
Yes. As long as the person has legal capacity and understands the significance of the decision, the document may be amended or revoked.
Any changes must be made and deposited in accordance with the applicable legal requirements.
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How many attorneys can be appointed?
You may appoint one attorney, several attorneys, and even an alternate attorney. You can also specify whether they are to act jointly or separately, and how disagreements between them should be resolved.
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Can an attorney receive payment for acting under an Enduring Power of Attorney?
By default, the attorney does not receive payment. However, the person granting the power may expressly provide for remuneration in the Enduring Power of Attorney.
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Is a lawyer required to prepare an Enduring Power of Attorney?
Yes. An Enduring Power of Attorney must be prepared and signed before a lawyer who has completed the required specialist training.
Proper preparation is important to ensure that the document meets the legal requirements and can operate as intended when it is needed.
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How much does an Enduring Power of Attorney cost?
The cost varies depending on the complexity of the circumstances, the number of attorneys appointed, and the scope and detail of the instructions included in the document.
The fee should be viewed in the context of ensuring that the document is properly structured and reflects the individual's wishes.
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Does an Enduring Power of Attorney replace a will?
No. They serve different purposes. An Enduring Power of Attorney governs the management of a person's affairs during their lifetime if they become unable to make decisions for themselves, while a will determines how their estate is to be distributed after death.
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Who should consider making an Enduring Power of Attorney?
Any adult who wishes to retain control over how important decisions concerning their life and affairs will be made in the future may consider making one.
There is no need to wait until old age. The arrangements must be made while the person still has the capacity to understand and make the relevant decisions.
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What happens if I do not make an Enduring Power of Attorney?
If a person loses the capacity to manage their own affairs without having made an Enduring Power of Attorney, family members may need to apply to the court for the appointment of a guardian.
This can involve additional time, expense, and potential disagreement, which is why arranging these matters in advance can provide greater clarity and control.