Many people come to NZFP with a fulfilling career and a reasonably healthy lifestyle. We all like to think we’re bulletproof, but it goes without saying that we don’t appreciate our health and wellbeing until something unexpected happens.
Your financial planner helps you ensure that, in the event of an accident or sudden health issue, there is already a plan in place to secure your finances – whilst supporting you and your loved ones during a difficult time.
Your EPA is essential for financial and emotional security – for you and your loved ones
An enduring power of attorney (EPA) is a legal document granting a trusted person the power to act on your behalf, in the event that you’re physically or mentally incapacitated – such as from a car accident or a stroke.
To create your enduring power of attorney document you’ll need the guidance of your lawyer.
At NZFP, we ensure clients seek legal advice as they establish these fundamental documents that are the foundation of a healthy financial plan. Your financial planner will point you in the right direction, and it’s often helpful to review your will and your EPA together with your lawyer.
You can appoint 2 attorneys within an EPA document:
At this stage you may just want to appoint one person as your attorney for both – such as your partner. But when you’re older it may be more appropriate to appoint your children or another trusted person – and possibly split the personal and property roles.
Your lawyer will guide you to make the right decision about who to appoint as your attorney. If you don’t have a current relationship with a lawyer, NZFP can help you find someone suitable.
Along with your will, an enduring power of attorney is one of the key things your financial planner will discuss with you, before encouraging you to seek legal advice.
This is because your financial planner takes a holistic approach to creating your plan, dedicating time to understand you as a person before evaluating your current and future goals.
It may seem like a morbid conversation, but being prepared for the ‘worst-case scenario’ will make sure that you and your loved ones can overcome any future hardships – and your financial planner will guide you.
“My husband would cycle to and from work. Four years ago he was found unconscious on the roadside after a serious accident, and was in the ICU for ten days.
With my husband incapacitated, one of the first questions I was asked by the hospital was “Do you have an enduring power of attorney?”.
Because my husband and I were prepared, it smoothed the process for the hospital taking care of him – but it also allowed me to make swift decisions and to cope with a frightening situation.
It’s been a long road to recovery, but my husband has returned to work and I tell my clients our story to share the importance of having an enduring power of attorney within their financial plan.”
Juliet Manning
Adviser
Taking the time to establish your EPA with a lawyer will help your loved ones look after you
It’s a task that’s easy to put off. We all tend to think that these things either won’t happen to us, or are too far in the future to need attention today. But developing a financial plan without an enduring power of attorney document is like building a house without proper insulation. It may be fine for now, but when winter comes, the house will be freezing and cost way more than necessary in heating bills.
Addressing your enduring power of attorney with your financial planner and your lawyer will offer invaluable security and peace of mind to you and your family. With this important document in place, you can start building your financial plan knowing that things will continue to be taken care of even if you aren’t able do it yourself one day.
Your financial planner is here to help ensure your financial wellbeing as you enter the next chapter of your life.
