An estate planning lawyer can help protect your choices
It’s possible to create a legally binding document without visiting a lawyer. Power of attorney and Guardianship DIY kits are sold in Post Offices and newsagents.
However Aware Super’s Estate Planning Lawyer, Michelle Dixon points out that the upfront cost savings of completing the legal documents without a lawyer need to be weighed up against the costs of completing the documentation incorrectly.
“For instance, there are particular signing and witnessing requirements, in order for it to be legal. Then there’s the question of where will you store it? At the very least the person you’ve appointed should know where the original is.”
The other legitimate concern for people is what can go wrong by letting someone have control of their money or medical, personal, and lifestyle affairs. Michelle believes that’s where legal expertise provides the most value.
“It can happen, and we’ve all heard the stories of it going horribly wrong. But there are ways to reduce or mitigate the risks of bad things happening.”
An estate planning expert can help you create a power of attorney that protects you from being taken advantage financially or actions that go against your express wishes. And, also help you create a legal document where you choose who can make medical, personal, and lifestyle decisions for you if you can’t make them yourself.
Once you have a power of attorney and/or enduring guardianship in place, it’s possible to change or update these documents at any time if you still have capacity.
Like all financial decisions, it can be hard to let someone have control of your money or your personal affairs. An estate planning expert can help you create a power of attorney and/or enduring guardianship that protects you from someone taking advantage of you.