Good Estate Plan Will Eliminate Problems with Decision-Making Process; Opinion

Article excerpt

A GOOD estate plan not only makes provision for what will happen to your affairs after you die, but also makes provision for important decision-making during your lifetime in the event of your incapacity.

An Enduring Power of Attorney (EPOA) allows you to nominate the person or persons whom you would want to make decisions for you should you be unable to make those decisions yourself at any time due to physical or mental incapacity.

You can nominate one or more than one person as your attorney and, if more than one, can specify how your attorneys are to make their decisions (for example, jointly or by a majority).

You can also nominate the types of decisions you want your attorneys to make (including financial and/or personal health decisions) and can provide some direction about how the attorneys are to make those decisions.

For financial decisions, you can specify a time that the decision-making power is to commence. This might be immediately, during a specific timeframe (for example, whilst you are overseas), or only in the event that a medical practitioner certifies that you are incapable of making financial decisions yourself. …