Powers of Attorney
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Powers of Attorney Overview
Planning for the future includes more than just asset distribution. It also involves preparing for unforeseen circumstances where you may become incapacitated and unable to make important decisions about your finances and healthcare. In Australia, an enduring power of attorney and appointment of a medical treatment decision maker are critical components of a comprehensive estate plan.
What is an enduring power of attorney (EPOA)?
An enduring power of attorney is a legal document that allows you to appoint a trusted person, known as your attorney, to make financial and legal decisions on your behalf if you become incapacitated or unable to manage your affairs. Your attorney can act in your best interests, manage your assets, pay bills, make investments, and make decisions about property or legal matters.
What are the benefits of an enduring power of attorney?
Peace of Mind: Knowing that someone you trust will handle your affairs if you cannot, provides peace of mind.
Financial Protection: Your attorney can manage your finances, ensuring bills are paid, investments are monitored, and assets are protected.
Continuity: With an appointed attorney, important financial decisions can be made without delays, ensuring the smooth running of your affairs.
What is a medical treatment decision maker(MTDM)?
In addition to an EPOA, it is crucial to appoint a medical treatment decision maker. This is done through an Advance Health Directive or by appointing a person as your Medical Treatment Decision Maker (MTDM). A MTDM is responsible for making healthcare decisions on your behalf if you are unable to do so.
Contact us today to schedule a consultation and take the first step preparing medical or financial powers of attorney.
FAQs
What are the different types of powers of attorney in Australia?
In Australia, the two primary types of powers of attorney are general power of attorney and enduring power of attorney. A general power of attorney is valid while you have legal capacity, whereas an enduring power of attorney continues to be effective even if you lose capacity.
When does a power of attorney come into effect?
A power of attorney can come into effect immediately upon signing or be activated when you become unable to make decisions (in the case of an enduring power of attorney).
Can I revoke or change a power of attorney?
Yes, you can revoke or change a power of attorney as long as you still have legal capacity to do so. Consult with us today if this applies to you.
The content of this article is intended as a general guide to the subject matter and not to be relied upon as legal advice. For specific legal advice about your individual circumstances, please contact our experienced lawyers.
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