Enduring
Power
of
Attorney
Enduring Powers of Attorney
Changes in the law
On the 26 September the law dealing with Enduring Powers of
Attorney (EPA) changed. The law change affects all individuals and
organisations that manage EPA, and ensures there is more communication between
the parties involved.
What is happening?
The Protection of Personal and Property Rights Amendment Act
2007 came into force on 26 September 2008. A significant change is that the
person making the EPA must have everything clearly explained to them by an
expert in this area.
What if I already have an
Enduring Power of Attorney?
If you already have EPA there is no need to change anything –
although if you have any concerns it may be time to review them.
Why has the change happened?
The changes have mainly happened because of concerns over
elder abuse, especially financial abuse.
Some of the concerns were…
What are the changes?
From 26 September 2008 you have to seek independent legal
advice before making an EPA and the powers will have to be on a specific form.
You will have to sign the form and this has to be witnessed by a lawyer, legal
executive or trustee corporation employee, such as the Public Trust.
The person or people you appoint as your attorneys will also
have to sign, but they cannot have the same witness as you.
What does this mean?
The people you appoint will also be more accountable. They
will have to do all they can to consult with you and keep clear financial
records in situations when you no longer can.
Basically it means that people making EPA’s will be better
informed and those granted the power will be more accountable. This should help
reduce the risk of attorneys abusing the power they have been entrusted with.
Age Concern New Zealand has updated pamphlets “What
happens if you can no longer make decisions? Why you need an enduring power of
attorney”. Copies are available from the Age Concern North Shore
Office.
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Elder
Abuse
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