Enduring Powers of Attorney
WHAT IS AN ENDURING POWER OF ATTORNEY?
An Enduring Power of Attorney is used to appoint a person(s) or organisation to make financial and property decisions on your behalf if you become unable to make decisions, or act on your own, due to illness or accident. It specifies the powers and limitations that you nominate and comes into effect at a time when you specify or when you lose capacity. The person making the appointment needs to sign the document in the presence of a Solicitor or other qualified person.
You can appoint more than one attorney. When appointing more than one attorney, you should choose people who can cooperate with each other and work together in your best interests. You can appoint your attorneys to act jointly (the attorneys must agree on all decisions), severally (the attorneys can act separately) or jointly and severally.
WHO NEEDS AN ENDURING POWER OF ATTORNEY?
You do. You need to appoint your Enduring Power of Attorney before you lose capacity. An Enduring Power of Attorney cannot make lifestyle, accommodation or medical decisions and is limited to financial or property affairs; only an Enduring Guardian can make lifestyle decisions on your behalf. Enduring Power of Attorney arrangements can be made so that they come into effect immediately or remain dormant until a specific event or circumstance arises.
Your appointed person (i.e. attorney) can have enormous power over your affairs. You should choose an attorney whom you trust and who will manage your finances in a responsible manner. You may wish to appoint a family member or a close friend as your attorney.
WHY IT’S GOOD TO HAVE AN ENDURING POWER OF ATTORNEY?
Without an Enduring Power of Attorney in place, there may be no one with the legal authority to manage your financial affairs and your family or advisers would then need to apply to the NSW Civil & Administrative Tribunal (NCAT)or Supreme Court of NSW to have someone appointed. Contact us for a free initial discussion.