Changes imminent for Enduring Powers of Attorney Forms
1 March 2017
Enduring powers of attorney are arguably just as important as having a will, yet many New Zealanders are unaware of what they are and why they are needed.
In simple terms, an enduring power of attorney is a special form of authority given by you to someone else to look after your affairs on the loss of your mental capacity.
The Statutes Amendment Bill which will bring changes to the Protection of Personal Property Rights Act 1998 (PPPR Act) comes into effect on 16 March 2017.
The changes will mean new forms are required to be completed when establishing enduring powers of attorney for both property and personal care and welfare, and additional regulation and certification requirements be met.
For members of the public who already have enduring powers of attorney (EPOAs) in place, these changes will have no effect on your established EPOAs.
However, for those who are in the process of establishing EPOAs and the current forms have been used these must be signed by both you and your chosen attorney(s) before 16 March 2017 otherwise they will be invalid.
From 16 March 2017, lawyers can only use the new EPOA forms.
Solicitors at Franklin Law, Richard Watling and Suzie Leuschke, presented recently at the Possum Bourne Retirement Village in Pukekohe. During the talk they explained what an enduring power of attorney is, why they are necessary, what you should consider when choosing your attorney(s) and the process of going about setting up your EPOAs.
Richard and Suzie are part of Franklin Law’s Personal Client team. They assist clients with their wills, EPOAs, trusts, asset planning, retirement village agreements and deceased estates. Post 16 March, Suzie and Richard will provide more detail on the effects of any changes the Statutes Amendment Bill will bring to EPOAs.
If you would like to find out more about the changes to EPOAs, then please contact Richard or Suzie.