Why make an Enduring Power of Attorney?
If you are ill, travelling or simply do not wish to be burdened with the day-to-day management of your financial affairs, an Enduring Power of Attorney enables you to appoint someone else (called your attorney) to manage your financial affairs following your specified directions when you are unable or do not want to act personally.
It is important to note: once you have lost legal capacity (i.e., if you are in a coma following an accident), you cannot make an Enduring Power of Attorney unless or until you regain your legal capacity.
What if you don’t have an Enduring Power of Attorney?
Suppose you do not have an Enduring Power of Attorney, and decisions need to be made for you. In that case, the Queensland Civil and Administrative Tribunal may be required to appoint an Administrator for your financial decisions or a Guardian for your personal/health decisions.
The person or organisation appointed as your financial Administrator or your Guardian might not necessarily be the person you would have chosen yourself.
Making an Enduring Power of Attorney generally ensures the person of your choice manages your finances or makes personal decisions on your behalf.
By making an Enduring Power of Attorney you can avoid the stress, conflict and anguish that might otherwise be involved if your family or friends are required to apply to the Queensland Civil and Administrative Tribunal for an Order.
An Enduring Power of Attorney is one of the most important documents you will ever sign during your lifetime. Willwise strongly recommends you seek legal advice when drafting an Enduring Power of Attorney to ensure the terms of your attorney’s appointment are appropriate for your circumstances.