Legal jargon can be hard to understand and wrap your head around. However, for many, knowing what an enduring power of attorney is can be very helpful when it comes to managing your finances, property and personal care matters.
TJ Legal breaks down all you need to know about it and when it might be a good idea to appoint one.
Defining an Enduring Power of Attorney
An enduring power of attorney is a legal document that allows you to appoint one or multiple individuals to make decisions about your assets, financial affairs and health matters should you lose the mental capacity to do so.
The individual making the enduring power of attorney can decide if this comes into effect right after documents are signed or only in the event, they have lost their mental capacity for decision making themselves.
When should you get an enduring power of attorney?
This type of legal document is usually drawn up as a preemptive measure and to avoid any complications in the future — especially for those that want to protect their health, assets and finances.
This gives you more control over who gets to handle your affairs should you ever lose the ability to do so yourself. If you don’t have an enduring power of attorney, your family or advisors will likely have to go through a lengthy process with relevant State or Territory authority to have someone appointed.
An enduring power of attorney can be made by anyone aged 18 or above and they must have the mental capacity to understand the nature and effect of an enduring power of attorney at the time of signing.
What are your attorney’s powers?
The conditions surrounding the capacity of your attorney are laid out in the document you both signs. You have the ability to dictate how they handle your finances or property and if they have any limitations. If given the authority, your attorney can also be accountable for all matters relating to personal care, health and medical research.
Some key responsibilities for attorney’s are:
- To always act in your best interest
- Avoid taking actions that cause conflict between their and your interest
- Keep their own finances separate from yours
- Accountable for proper records of their dealings with your finances and property
If an attorney takes advantage of this, legal action may be taken to protect you and your interests.
Learn more with TJ Legal
At TJ Legal you’ll be able to speak to a lawyer with years of experience dealing in enduring power of attorney and can help give you all the information you need to make a better choice. Your first consultation
