Along with your Will, enduring power of attorney (EPA) is undoubtedly one of the most important legal documents that you will ever sign. Anyone who has any assets and is at least 40 years old should have one.
The 1988 Protection of Personal and Property Rights Act makes it possible to create an Enduring Power of Attorney. This Act allows you to prepare a power of attorney in New Zealand at a reasonable price. It serves as an estate planning and asset protection tool. You can compare it to an insurance policy, in that it is one of those documents that you hope will never be used.
There are two types of EPAs. The first type is for personal care and welfare. You can only have one attorney at any time. This type of enduring power cannot be invoked, provided you are mentally competent.
If you choose, you can have more than one attorney to represent you. Property can be defined as all your personal and real property. If you want your property power to act as a general power, your chosen attorney can follow your instructions at all times. However, it can also be used as a power of attorney for specific situations.
Court orders must be renewed every two years, and at the same price each year at three-year intervals. You can avoid all of this by creating an enduring power to attorney today for a fraction the cost.
The enduring powers of attorney could be the most valuable dust collector you sign. Your loved ones will be grateful that you were able to get them done if you lose your mental capacity.