Act On Wealth Team | January 1, 2025

Power of Attorney: Essential for Protecting Your Interests

A Power of Attorney (POA) is a crucial legal document in estate planning. It allows a trusted person to make decisions for you if you’re ill, injured, or incapacitated. Key types include General, Enduring, Medical, and Special POAs. Choose someone trustworthy, capable, and available. Clearly define their powers and comply with local laws. At Acton Wealth, we help you choose the right POA, collaborate with legal experts, and align it with your estate plan. Secure your future today.

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A Power of Attorney (POA) is a crucial legal document in estate planning. It allows a trusted person to make decisions for you if you’re ill, injured, or incapacitated. Key types include General, Enduring, Medical, and Special POAs. Choose someone trustworthy, capable, and available. Clearly define their powers and comply with local laws. At Acton Wealth, we help you choose the right POA, collaborate with legal experts, and align it with your estate plan. Secure your future today.

"A Power of Attorney (POA) is an essential legal document in estate planning. It grants a trusted individual the authority to make decisions on your behalf, ensuring your affairs are managed if you are unable to do so due to illness, injury, or incapacity."

Act On Wealth Team

Team ActOn Wealth

Power of Attorney: Secure Your Future with Trusted Decision-Makers

Understanding the Power of Attorney in Estate Planning

A Power of Attorney POA is an essential legal document in estate planning. It grants a trusted individual the authority to make decisions on your behalf, ensuring your affairs are managed if you are unable to do so due to illness, injury, or incapacity. Let's delve into why a Power of Attorney is crucial, the types available, and key considerations when drafting one.

Why a Power of Attorney is Important

Continuity of Financial and Legal Affairs: A POA helps avoid disruptions in managing your assets and obligations.
Safeguard Your Interests: Protect yourself from unauthorised or unintended decisions.
Plan for Unexpected Events: Address accidents or illnesses that may leave you temporarily or permanently unable to manage your affairs.

Types of Powers of Attorney

General Power of Attorney: Grants authority for specific tasks or a limited time period. It automatically ceases if you lose mental capacity.
Enduring Power of Attorney: Remains valid even if you become mentally incapacitated. This is essential for long-term planning and managing critical affairs.
Medical Power of Attorney: Allows the appointed individual to make decisions about your healthcare and medical treatment.
Special Power of Attorney: Grants authority for a single specific purpose, such as selling a property.

Choosing the Right Attorney

Trustworthiness: Select someone who will act in your best interests. Capability: Ensure they have the financial and legal knowledge to handle your affairs. Availability: Choose someone willing and able to take on the responsibility. Professional Alternatives: Consider appointing a professional trustee or legal representative for complex financial matters.

Key Considerations When Drafting a Power of Attorney

Scope of Authority: Clearly define the powers granted to your attorney. Conditions and Limitations: Specify any restrictions, such as requiring joint decisions for significant transactions. State and Territory Laws: Ensure compliance with local regulations as laws differ across the UK. Revocation: Outline how and when the POA can be revoked or updated.

The Role of Power of Attorney in Estate Planning

Complementary to Your Will: A POA manages your affairs during your lifetime, while your will dictates asset distribution after your passing. Avoiding Guardianship Applications: Prevents the need for court-appointed guardians or administrators in the event of incapacity. Aligned with Testamentary Trusts: Ensures the trustee can act on your behalf in managing trusts.

How Acton Wealth Can Help

At Acton Wealth, we work with you to determine the most appropriate type of Power of Attorney for your circumstances. We collaborate with legal professionals to draft and execute your POA, ensuring it aligns with your overall estate planning strategy. Contact us today to secure your future with a Power of Attorney that protects your interests and provides peace of mind.

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Estate planning is of utmost importance in securing your finances and safeguarding the well-being of your loved ones. It involves creating a comprehensive plan to manage and distribute your assets after your passing, as well as addressing legal, financial, and medical matters.

Why You Must Have a Will and Power of Attorney

We realise it can be uncomfortable for anyone to organise their Will or Power of Attorney. However, failing to do so may leave loved ones grieving and burdened by unnecessary administration. So it may seem confronting and morose, but establishing a Will and Power of Attorney is the right thing to do for your loved ones and the assets youve built.

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`If youre an Australian business owner, you know all about hard work. Some 60% of Australian SMEs and start-ups fail within their first three years. So, if youve made it past that point and built a successful business, you dont want to let all that blood, sweat and tears go to waste. Unfortunately, without the right succession and estate planning, that risk is very real.

An estate plan outlines how your wealth and assets will be preserved, managed and allocated in the event of death or incapacitation. More importantly, its a way to ensure that your loved ones are cared for and your wishes are honoured after youre gone. While it may be difficult to think about, creating an estate plan is essential if you want to leave everything and everyone taken care of, just as you intend.

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An estate plan outlines how your wealth and assets will be preserved, managed and allocated in the event of death or incapacitation. More importantly, its a way to ensure that your loved ones are cared for and your wishes are honoured after youre gone. While it may be difficult to think about, creating an estate plan is essential if you want to leave everything and everyone taken care of, just as you intend.

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Questions

What is Estate Planning?

It involves managing your financial affairs to protect and distribute your assets according to your wishes upon your passing or incapacity. Key components include creating a will, setting up trusts, nominating beneficiaries, appointing a power of attorney, and establishing an advance care directive. Regularly reviewing and updating your estate plan ensures it reflects changes in your circumstances and provides peace of mind for you and your loved ones.

What's the difference between an Estate Plan and a Will?

Estate planning in Australia is a comprehensive process that manages your financial affairs, ensuring your assets are protected and distributed according to your wishes. A will, on the other hand, is a crucial legal document that outlines asset distribution after death and appoints an executor. While a will is an essential component, estate planning covers a broader scope, providing a more complete approach to safeguarding your wealth and supporting your loved ones' future.

When should i consider hiring a wealth management advisor?

You should consider hiring a professional financial advisor if you have complex financial needs, require retirement or tax planning, need assistance with estate planning or investment advice, face significant life events, or lack the time or expertise to manage your finances. A qualified and reputable advisor can provide tailored guidance to help you achieve your financial goals, depending on your individual circumstances.

What Others Say

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Anthony and the team were very thorough and opened our awareness to several areas of our personal finances which we had overlooked, specifically our super and insurance.

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My husband and I engaged ActOn Wealth to help us set up our life and income protection insurance. Our advisor was responsive, friendly, professional, flexible in times he could meet with us and really on the ball with the whole process. We were able to get our policies set up quickly and achieve that peace of mind we were seeking. Thanks, ActOn Wealth for helping us protect our family against the unexpected. We will certainly be recommending them to our friends and family.

Sarah Giles

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Being on my own, I required help to plan my future financial stability. Matthews understanding of my situation, advice, guidance and detailed explanation, making sure I had a thorough knowledge of the plan, was fundamental to my peace of mind.