An Enduring Power of Attorney for Property matters
…and so does choosing the right property manager
Perpetual Guardian share insights from their experiences to help people make good choices when they are setting up an enduring power of attorney,
A lesson from Mary
Mary knew it was time to get a little extra help managing her day-to-day affairs. With her daughter Sue’s support, she visited her lawyer to set up an Enduring Power of Attorney (EPOA) for Property – a great step in planning ahead.
When the lawyer asked who Mary wanted to appoint, Sue kindly offered to take on the role of Property Manager. Wanting to make things easier, Sue arranged for Mary’s financial mail to be sent directly to her. She explained that it would help her stay on top of things and save Mary from having to deal with paperwork.
At the time, Mary had two bank accounts with a total of $25,000 and several term deposits worth about $210,000. It seemed simple enough.
What Mary didn’t realise was that Sue was quietly facing her own challenges, including a gambling problem. About a year later, Mary discovered that her quarterly rates bill hadn’t been paid due to a lack of funds — something she had never experienced before.
By then, Mary’s bank account had dropped to under $1,000, and only one term deposit remained, valued at $50,000. With Sue removed from the role, Mary faced a much harder financial road ahead than she ever expected.
What could have helped?
Mary absolutely did the right thing by putting an EPOA in place — that part is essential. But choosing who will manage your property is equally important.
Here are some choices that might have protected Mary:
- Appointing two people as Property Managers, providing balance, transparency, and shared responsibility.
- Appointing an independent person, under section 99B of the Act, to receive information and help oversee how her assets were being handled.
- Choosing a professional trustee organisation like Perpetual Guardian, who would have helped manage her assets and kept her (or someone she trusted) involved.
The bottom line
Putting an Enduring Power of Attorney for Property in place is one of the best things you can do to look after your future. Taking a little extra time to choose the right Property Manager – someone trustworthy, capable, and supported, can make all the difference.
In partnership with Perpetual Guardian
Disclaimer: This article is shared for information and discussion purposes. The views expressed are those of the author and do not necessarily reflect the opinions, policies, or position of Age Concern New Zealand. Inclusion of this content should not be interpreted as an endorsement of the views presented.
