Enduring Power of Attorney
An enduring power of attorney is an important consideration for the protection of your assets. An enduring power of attorney allows you to appoint a person to make financial decisions for you, this can be further extended to decisions relating to personal and health matters (see below – Enduring Guardian).
An enduring power of attorney is a legal document through which you (known as the principal) can appoint a person (known as the attorney) to make decisions about your property or financial affairs. The difference is that a general power of attorney ceases to have effect after you lose the mental capacity to make financial decisions but an enduring power of attorney will continue to have effect even after you lose mental capacity.
The attorney can make decisions about your property or financial affairs or both. This means that they can operate your bank accounts, pay your bills, and sell or buy property or shares on your behalf.
Enduring Guardianship (NSW, SA); Power of Attorney – Medical (VIC, QLD and WA)
An enduring guardian/POA-Medical can make personal decisions on your behalf, such as where you should live, medical treatment(s) you should receive, and services you require.
An enduring guardian is someone you choose to make personal or lifestyle decisions on your behalf when you are not capable of doing this for yourself. You choose which decisions you want your enduring guardian to make. These are called functions. You can direct your enduring guardian on how to carry out the functions.
You can give your enduring guardian as many or as few functions as you like. You can delete the functions you do not want your enduring guardian to have and add others if you wish. For example, you can give your attorney the power to decide on your health care but not where you should live.