If you are worried about the possibility of your physical or mental health impacting your ability to make sound decisions in the future, a good way to protect your personal and financial assets and security is by appointing someone you trust to make these choices for you.
An Enduring Power of Attorney is a document which allows you to appoint one or more people to make decisions on your behalf when you do not have the capacity to do so yourself. Having an Enduring Power of Attorney ensures that your best interests will be taken care of even in the event of unforeseeable circumstances.
What type of decisions can be made on my behalf?
An Enduring Power of Attorney allows you to nominate the types of decisions you want to allow your attorney to make on your behalf.
Financial and property decisions can include:
- Payment of bills
- Handling of assets
- Renting or selling property
- Income matters
- Organising and settling debts
Who should I choose to appoint as my attorney?
Appointing someone to be your attorney is a big choice, and the decision should be made carefully. Usually, this is a spouse, partner, child, or other family member. However, you can appoint any competent adult to be your attorney, as long as they are over the age of 18, and you can trust they are willing to act on your behalf to support your best interests.
You can also appoint several people to act as your attorney and dictate what decisions each of them can make. It must be prescribed how they will work together, either jointly, severally, or by majority.
When does this power begin?
It is at your discretion when your appointed attorney can start making choices on your behalf. This usually occurs when you have, or are considered to have, lost the physical or mental capacity to make sound choices and decisions. You will still be able to make decisions for yourself whilst you have the capacity to do so.
When should prepare I an Enduring Power of Attorney?
In South Australia, anyone over the age of 18 years and who has the mental capacity at the time can make a Power of Attorney.
An Enduring Power of Attorney can be revoked at any time if you do not believe your attorney is acting in your best interests. This can be done in writing whilst you have the capacity to make decisions.
How do I prepare an Enduring Power of Attorney?
Similar to your Will, an Enduring Power of Attorney is an important legal document, and for this reason it is wise to obtain legal advice in preparing it.
Caitlin Swan is contactable at our office on 8227 1970 if you would like to discuss your requirements and have your Enduring Power of Attorney prepared.