What is the difference between a Will and Enduring Powers of Attorney ?

Will:

A will is a legal document what sets out how you want your assets and belongings to be distributed after your passing.

A will only comes into effect upon your passing.

A will names who you want to appoint as an executor. The executor is responsible for carrying out your wishes as you have stated in you will.

A will does not grant anyone authority to make decisions for you /on your behalf while you are alive.

Wills address a while variety of matters, including how your wish to have your assets and belongings distributed, who you wish to appoint as guardians of your minor children, if you have any special gifts that you like to pursue and how you would like your body to be disposed of.

Wills can be updated, amended and refreshed as during your lifetime many times as you like.  

Enduring Power of Attorney (EPA):

There are two types of Enduring Power of Attorney. One for Personal Care and Welfare and one for Property.

An Enduring Power of Attorney for Personal Care and Welfare is a legal document that allows you to appoint someone (an Attorney) to make decisions on your behalf relating to your personal care and welfare, if you become mentally incapable.

An Enduring Power of Attorney for Property is a legal document that allows you to appoint more than one person (Attorney’s) to make decisions on your behalf relating to your property affairs, when you cannot do so for yourself. Your attorney can act for you while you are either mentally capable and mentally incapable.

You can specify the scope and limitations of the authority granted in the Enduring Power of Attorney such as who to provide information to or who to consult.

Summary:

In conclusion a will addresses to the distribution of assets after your passing, while and Enduring Power of Attorney allows your Attorney’s to make decisions on your behalf if you are unable to do so while you’re alive.

Both Enduring Powers of Attorney and wills serve important purposes in estate planning, but they both apply in difference circumstances and have different scopes of authority.

Wills and Powers of Attorney are something Walker Murdoch Law can help you prepare, please contact us to do so.