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Think twice before taking on enduring power of attorney role

Agreeing to act for an elderly aunt and uncle with an SMSF is turning out to be far more complicated than expected.

John Wasiliev

Q: As the only relative willing to take on the job, I agreed to be an (enduring) power of attorney for my aunt and uncle because I did this for my mother. While my mother’s affairs proved to be fairly simple and straightforward, looking after my aunt and uncle is a lot more complicated – especially as they have a small self-managed super fund and a portfolio of share investments that my uncle has looked after. Helping them was fine while they lived in their home but during the last six months he is showing increasing signs of dementia and my aunt isn’t too well either. They are both in their early 80s. She recently had a fall and needed to be admitted to an age care facility and, because she didn’t want to be there alone, he has joined her there. While neither of them are happy, I think it is the best place for them given their care needs. But for me helping them has become very difficult. Where could I get some help? Margie.

A: For many who are not aware of what being an enduring power of attorney for a relative of friend may entail, it is easy to say yes when someone asks you accept this role.

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John Wasiliev is a veteran SMSF specialist and has provided answers to readers' questions on superannuation for decades. Have a super question you'd like answered? Email John at superquestions@afr.com

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    Original URL: https://www.afr.com/wealth/personal-finance/think-twice-before-taking-on-enduring-power-of-attorney-role-20210531-p57wv9