Other considerations – Power of Attorney & Enduring Guardianship
You might have already considered making a will; or maybe you have already made one- but is having a will sufficient preparation for all the unpredictable twist and turns your future holds?
Well, the answer is – it depends. It depends on your health, it depends on your mental capacity, it depends on life going according to plan. However, we do not have as much control over our future as we’d like, there are no guarantees that we will always be in good health or have the mental capabilities to carry out or even communicate our decisions. While having a will is important to manage your affairs upon your death, what will happen if you lose your decision-making abilities while you’re still alive?
This is a scary but sobering thought and the one thing you can do in preparation is to make sure that you have someone you trust, someone who understands your wishes and values to manage your affairs for you.
This is done using two legal documents – an Enduring Power of Attorney and an Enduring Guardianship.
The Enduring Power of Attorney is used to appoint a person of your choice to manage your financial affairs and assets. On the other hand, an Enduring Guardianship allows you to express your values and wishes about your health, medical treatment and accommodation in addition to also appointing a person of your choice to make those decisions on your behalf.
When is the best time to prepare these documents? Because of the uncertainty the future holds, our recommendation is that the best time really is…now. Importantly, these documents only take affect after you loose the capacity to make such decisions by yourself so having them prepared now does not change your decision-making capacity and is also a good security measure for time to come.
As these are legal documents, it is important to seek legal assistance to ensure that they are properly drafted and your intentions are very clear. If an Enduring Power of Attorney or Enduring Guardianship is something you’re looking to prepare or if you would simply like to know more, please visit our contact us page or give our office a call on 02 9687 8885.