I just got married, do I need an Enduring Power of Attorney?

In New South Wales, getting married does not automatically necessitate the creation of an Enduring Power of Attorney (EPOA). An Enduring Power of Attorney is a legal document that allows you to appoint someone else (i.e. your attorney) to make decisions on your behalf regarding your financial and legal affairs.

At the time of creating the document you have the power to elect at which point in time the attorney can act on your behalf. This can be:

• immediately once the attorney accepts their appointment; or
• when the attorney considers you require assistance managing your affairs; or
• when you are medically assessed that you require assistance; or
• for a specified period of time.

However, while marriage itself doesn't require a EPOA, it is a good time to consider having a EPOA put in place. Your spouse will not have an automatic right to transact on your legal and financial matters if you are unable to do so. This may become more important for couples where assets are owned in individual names rather than jointly. Having a EPOA in place can provide peace of mind and ensure that your spouse (if you choose) can manage your affairs if you're incapacitated.

Here are a few reasons why you might want to consider creating a EPOA.

Travel or Absence: If you and your spouse frequently travel or anticipate being absent for extended periods, having a EPOA in place can allow your spouse to manage your financial affairs in your absence. This is particularly important if you are in the process of purchasing or selling property in NSW.

Financial Management: An EPOA can enable your spouse to handle financial matters on your behalf, such as paying bills, accessing bank accounts, and managing investments, if you're unable to do so. You can also limit their power to specific assets. 

Estate Planning: By appointing your spouse as your attorney, you ensure that they can act on your behalf if necessary, simplifying the administration of your estate in the event of your incapacity. An EPOA also allows you to appoint someone other than (or together with) your spouse. You do not automatically have to appoint your spouse which might be more of a concern with blended families.

Substitute Attorney: AN EPOA also allows you to appoint substitute attorneys in the event of your spouse passing away, vacating office or losing capacity. This may be particularly important if you have minor children.

While creating an Enduring Power of Attorney is optional, it's a proactive step that can provide important protections and benefits for you and your spouse. It's advisable to consult with a legal professional experienced in estate planning to discuss your specific circumstances and determine the most appropriate course of action. At Kells, we offer expert guidance and support in establishing an Enduring Power of Attorney to ensure your future and your wishes are protected.