You will need someone to take care of your financial, legal, and health affairs if you have lost your mental capacity due to dementia. You can currently make an "Enduring Power Of Attorney in nz, which allows you to designate someone who will manage your finances on your behalf. Or, someone can apply for a receivership".
What is an EPA (Enduring Power of Attorney)?
An EPA is a legal process where you, the donor', grant the legal right to one (or more) people known as the attorneys to manage your financial affairs or property. This power is a power that can be granted immediately and it has the same status as an ordinary power. You can have your attorney manage your finances or your own. Later, you can hand over responsibility. You can also check out here to get more information about enduring power of attorney in nz.
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An enduring power and an ordinary power are different because an ordinary power becomes invalid if the donor is mentally incapacitated, while an enduring one becomes effective if all the steps are taken.
How do you get an EPA?
We recommend that you hire a professional solicitor to help you organize the forms as there is not much time left. You should also think about who you would like to be your attorney.
It is important to choose someone who knows you well, who you trust, and who has a good relationship with you. This could be a friend or family member. Some people prefer to be with someone they don't feel emotionally attached to.
Your EPA setup will take about a week. Although it will be difficult, we think it is worth the effort to save money in the long term.