By Tara Grant - 4 May 2011
You never know what's around the corner - but you can plan for
it.
By establishing an Enduring Power of Attorney, you can ensure
that if something happens that prevents you from looking after your
affairs, there is someone with the legal authority to do so.
It is important that everybody, regardless of age, has an
Enduring Power of Attorney in place. It gives your nominated person
the authority to manage your affairs when you are no longer able
to.
There are two kinds of enduring power of attorney
1. Property Enduring Power of
Attorney
This gives one or more people the
authority to deal with your assets, such as your bank accounts or
your house. You can choose whether your attorney has authority to
deal with your assets now or only if you become mentally
incapacitated.
2. Personal Care and Welfare Enduring Power of
Attorney
This gives your attorney authority
to make decisions relating to your personal situation, such as what
medical treatment you receive or where you live. You can only have
one Personal Care and Welfare attorney and the authority will only
come into effect if you are mentally incapacitated.
You have the final say, even if you can't speak
You can set restrictions and place conditions on what your
attorney(s) can do under the Powers of Attorney. You can also set
out who you want your attorney to consult with or provide
information to when making decisions on your behalf.
If you do not have a Power of Attorney in place and you lose
capacity to make decisions for yourself, a family member must apply
for a Court Order to be able to manage your affairs. This can be
time consuming and costly. And you don't get to choose which family
member…
Recent amendments to the law mean that attorney documents must
be witnessed and explained to you by a solicitor, legal executive
or officer of the Public Trust. This ensures you get ample
opportunity to create a Power of Attorney document that suits
you.
If you want to know more about Powers of Attorney, or if you
want one put in place, please contact Tara Hurley at Martelli McKegg.