End of Financial Year Legal Health Check
End of Financial Year can be a busy time for businesses but it’s also a great time to review and start planning for the next one. It can be an opportunity to start afresh. Time for a legal health check?
You might want to think about the following for the year ahead.
Employment Law and Agreements – are they up to date?
Commercial Contracts – do they need amending?
Business Structure – have there been any changes?
Intellectual Property Protection
Workplace, Health and Safety
Agreements with suppliers – are you protected?
The same could be said for our personal lives which is why now is a great time for you to update your Will and start an estate plan. Have you had any changes in personal circumstances in the past year? Retirement, marriage, new investments, business restructures, births, deaths and divorce are all good reasons to ensure that you have a valid updated Will that provides protection for your wishes.
An even more important document while you’re alive is your Enduring Power of Attorney.
We all face the possibility of being unable to manage our personal and financial affairs due to a sudden illness, severe accident, or declining mental capacity. If you lose your ability to make decisions and do not have an Enduring Power of Attorney, your financial affairs may be handled by a government department or institutional trustee for a fee.
Under an Enduring Power of Attorney, you may give your attorney the power to deal with all or any part of your financial, personal and health matters. An Enduring Power of Attorney for financial matters immediately comes into effect once it is signed or at your option on the date or event (for example, incapacity) you elect, and continues to operate when you lose capacity to make decisions. Your attorney can deal with your financial affairs at the same time as you, unless you specify otherwise. For personal and health matters, your Enduring Power of Attorney is operational when you suffer loss of mental capacity.
To be valid, your Enduring Power of Attorney must be in the approved form and comply with strict witnessing requirements.
Give us a call at SPM Law and we can help you to start the next financial year with your affairs in order.
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