ENDURING POWER OF ATTORNEY
What is an "Enduring POA"?
An Enduring POA is a legal instrument which allows an adult person to determine in advance how and by whom his or her affairs shall be managed in the future, when they will no longer be in position to manage their own affairs independently.
This is done by appointing an agent in an Enduring POA and empowering him or her to act per the appointor's instructions as stipulated in the Enduring POA. The appointment enters into force only upon the appointor becoming legally incapacitated.
A significant advantage of this mechanism is that it grants a greater degree of control to the person over his own affairs, and that it effectively can serve as an alternative to a guardianship.
What is an "Expression of Wishes Document"?
An "Expression of Wishes Document" is a legal document where a person who currently acts as a guardian to another can express his or her wishes as to who would be appointed as guardian in his or her stead in the future, should they become legally incapacitated themselves, and how they should act.
This can be especially important in cases of a sole caregiver, such as a single parent to a minor or to a disabled child.
What are "Preliminary Instructions for the Appointment of a Guardian"?
Preliminary Instructions for the Appointment of a Guardian detail how a future guardian should act, if appointed. These instructions can be viewed as the equivalent of the instructions stipulated in an Enduring POA except for the appointment of a agent.
This document is relevant for those who, due to various reasons, don't have a person they can appoint as agent under an Enduring POA. This may happen when a person has no children, for example.
In such cases, a guardian is appointed when needed, yet when such appointment is made, the court considers the person's wishes as detailed the Preliminary Instructions for the Appointment of a Guardian, and may issue instructions to the guardian accordingly.
MEYTAL LIBERMAN, Advocate
Trusts and intergenerational transfers of assets.
Trusts | Wills and Inheritance | Enduring Power of Attorney | Prenuptial and Joint Life Agreements | Transactions of Assets
