What is an enduring power of attorney?
An enduring power of attorney is a legal document in which you can provide for who will make decisions for you about financial and personal matters in the event you lose capacity to make those decisions for yourself. The person you appoint to make decisions on your behalf is called your attorney.
An enduring power of attorney can also be useful if you are traveling and you need people at home to transact business for you.
Your attorney does not need to be the same person as the executor in your will. You can appoint different people as attorneys for personal and health matters as opposed to your attorneys for financial matters. You should always appoint more than one attorney in case your first choice is unable to act.
People will usually appoint as attorney their spouse, adult children, family members, friends or trusted professional advisers. Other options are the public trustee or a private trustee company.
Where people lose capacity and do not have an enduring power of attorney then an application to a Tribunal may be required to appoint someone to make decisions. This is time consuming and inconvenient for the incapacitated person and their family members. The Tribunal may appoint someone you do not want to make decisions for you, like the Public Trustee.
Things to think about before having your enduring power of attorney prepared.
-
Who to appoint as your attorney in an enduring power of attorney. Consider who you would trust to manage your financial affairs and make personal and health decisions for you in case you lose mental capacity.
- If your first attorney is not available then, who would be your second choice.
