Call us: (08) 6267 2200
reception@optimapartners.com.au
  • PAY MY INVOICE
Optima PartnersOptima PartnersOptima PartnersOptima Partners
  • Home
  • About Us
    • Meet The Team
    • Testimonials
  • Our Services
    • Business Advisory
    • Taxation Services
    • Self Managed Superannuation
    • Bookkeeping Services
    • Corporate Secretarial Services
  • Latest News
  • Contact Us

WILL, EPA, POA, EPG, AHD – WHAT ARE THEY AND DO I REALLY NEED THEM?

    Home Blog WILL, EPA, POA, EPG, AHD – WHAT ARE THEY AND DO I REALLY NEED THEM?
    NextPrevious

    WILL, EPA, POA, EPG, AHD – WHAT ARE THEY AND DO I REALLY NEED THEM?

    By admin | Blog, Estate Planning | 0 comment | 8 May, 2015 |

    WILL, EPA, POA, EPG, AHD – WHAT ARE THEY AND DO I REALLY NEED THEM?

    What are they and do I really need them?

    A Will we all know about, although the experts tell us that probably 60% of the population don’t have one!  An Enduring Power of Attorney (EPA), most of us would think we know what it is?  But, what is the difference between an EPA and a POA (Power of Attorney)?  EPG (Enduring Power of Guardianship) and AHD (Advance Health Directive) – what do they do?

    My niece (22) tells me she is too young to have a Will, let alone any of the others and “anyway I don’t have any kids yet!”.  She has a car, savings in the bank (albeit small), a little jewellery and she is currently building a house.  If (God forbid) anything should happen to her, who does she want to have her car, money and jewellery I asked and, probably the most important question, what happens to the house?  What if she is seriously injured, what measures does she want us (her family) to take.  She knows the answer to these questions, just didn’t consider how it would actually happen and did we really know what she wanted!

    I have all of these documents and “no kids”!  If I didn’t, it would be left to the Public Trustees (government) or my family to decide the outcomes – and trust me, I don’t want some of them (government or family for that matter) making these types of decisions! Whether it is for my estate or my health!

    I am not a solicitor and won’t try to educate you on each document.  However, over the years, due to either the lack of these documents or poorly worded ones, I have seen families suffer and rifts develop (not to mention costs and in the case of a Will reducing the value of the estate) from their inability to agree on the best course of action or sometimes about anything at all.

    I know it’s not a nice subject, but please think seriously about these documents and the repercussions on your family should something happen to you.

    Feel free to contact Optima Partners, we have access to a network of advisors who can enlighten and help you with drafting any or all of these documents.

    Coral Graham

    Business Manager – Optima Partners

    No tags.

    admin

    More posts by admin

    Related Post

    • A negative sentiment on negative gearing

      By admin | 0 comment

      Negative gearing has always been thought of as a handy tax break. However, amongst the younger generation it is becoming synonymous with causing excessive property prices. In an attempt to bid for younger Australians’ politicalRead more

    • Superannuation and young Australians

      By admin | 0 comment

      Does the word superannuation send you to sleep like a multitude of young to middle aged Australians? It shouldn’t – it could be your largest asset. Superannuation and young Australians – I thought I’d startRead more

    • Ethics in technology

      By admin | 0 comment

      Ethics in technology – there is a trend towards consumers using businesses who can demonstrate they are ethically sound. They are modifying their spending behaviour to reduce their environmental footprint, for example avoiding brands withRead more

    • Three annoying taxes that businesses forget

      By admin | 0 comment

      Mention the word ‘Tax” to anybody and they instantly think of Income Tax – the annual totalling up of income and deductions and lodging a return. If you’re a business operator, you might have quarterlyRead more

    • Single touch payroll

      By admin | 0 comment

      Another step towards simplifying payroll reporting obligations for your business As accountants and bookkeepers are well aware – many small businesses encounter the problems of correctly reporting payroll information to the Australian Taxation Office (ATO),Read more

    • 4 methods to claim your motor vehicle expenses and increase your refund

      By admin | 0 comment

      Do you perform errands from your workplace in your own vehicle? Do you use your car to carry bulky work tools and equipment and can’t store them safely at your workplace?  Do you travel fromRead more

    • 1 in 3 …. do you like those odds? Life Insurance – worth it?

      By admin | 0 comment

      1 in 3 ….do you like those odds?  Talking about winning Lotto, you probably do! In getting cancer, suddenly those odds don’t look so great.  Is Life Insurance worth the money? Four weeks ago a friendRead more

    • What is an audit ?

      By admin | 0 comment

      When I finished high school and got my “O” level results (TEE to the very young), my Dad asked me what I planned to do.  When I said that I was not sure, as passingRead more

    Leave a Comment

    Cancel reply

    Your email address will not be published. Required fields are marked *

    NextPrevious

    Recent Posts

    • Optima Partners News – October 2022
    • HitIQ lists on the ASX
    • Top 7 Characteristics of Great Leaders
    • Jobkeeper 2.0 Update
    • Working at home tax deduction due to COVID-19

    Recent Comments

      Archives

      • April 2022
      • June 2021
      • August 2020
      • July 2020
      • April 2020
      • March 2020
      • February 2020
      • November 2019
      • October 2019
      • August 2019
      • July 2019
      • April 2019
      • March 2019
      • July 2018
      • June 2018
      • May 2018
      • April 2018
      • March 2018
      • February 2018
      • December 2017
      • November 2017
      • October 2017
      • September 2017
      • August 2017
      • July 2017
      • June 2017
      • May 2017
      • April 2017
      • March 2017
      • February 2017
      • January 2017
      • December 2016
      • November 2016
      • October 2016
      • September 2016
      • August 2016
      • July 2016
      • June 2016
      • May 2016
      • April 2016
      • March 2016
      • February 2016
      • January 2016
      • December 2015
      • November 2015
      • October 2015
      • September 2015
      • August 2015
      • July 2015
      • June 2015
      • May 2015
      • April 2015
      • March 2015

      Categories

      • APP Reviews
      • ATO matters
      • Audit
      • Blog
      • Economic Update
      • Estate Planning
      • Federal Budget
      • HECS/HELP
      • HR & Admin
      • Insurances
      • LIfe Lessons
      • MYOB / Xero /Cloud accounting software
      • Optima Team
      • Payroll
      • Rental / Property Investment
      • Shares, Options trading and other investments
      • Small Business
      • SMSF & Superannuation
      • Tax time / planning
      • Uncategorized
      • Updates/News

      Meta

      • Log in
      • Entries feed
      • Comments feed
      • WordPress.org

      Optima Partners is an energetic and innovative accounting, taxation and business advisory firm with offices in Osborne Park, Guildford and Fremantle.

      To discover how we help businesses across Perth please drop us a line today.

      Tel: (08) 6267 2200

      Email: reception@optimapartners.com.au

      Osborne Park Office

      Suite 3, 128 Main Street,
      Osborne Park,
      WA 6017

      Office Hours:
      Weekdays 8:00am – 5:00pm

      Postal Address

      Locked Bag 5000,
      Osborne Park,
      WA 6917

      Guildford Office

      143 James Street,
      Guildford,
      WA 6055

      Office Hours:
      Weekdays 8:30am – 5:00pm

      Fremantle Office

      Level 1, 72 Marine Terrace,
      Fremantle,
      WA 6160

      Please call for appointment

      Copyright 2021 The Small Business Lounge | All Rights Reserved
      • Home
      • About Us
        • Meet The Team
        • Testimonials
      • Our Services
        • Business Advisory
        • Taxation Services
        • Self Managed Superannuation
        • Bookkeeping Services
        • Corporate Secretarial Services
      • Latest News
      • Contact Us
      Optima Partners