7 key things to think about when making an Enduring Power of Attorney.
If you lose capacity to manage your own affairs an Enduring Power of Attorney (now known as an Advance Personal Plan in the Northern Territory) can ensure that your financial affairs will be looked after as you would want them to be. However, sometimes Enduring Powers of Attorney are misused, which could leave you vulnerable to being abused.
Here are some key things to think about to make your Enduring Power of Attorney work for you and to reduce the risk of abuse.
Choose an attorney who knows you well and has been involved with you—someone who respects your values and will make decisions objectively.
Provide clear and detailed instructions about everything you can think of.
Stipulate that you want your attorney to provide supported decision-making wherever possible.
Appoint more than one attorney, if it’s permitted in your state or territory, and consider instructing that they make decisions together.
Include instructions for regular third-party checks, such as audits and annual reviews by your solicitor, to ensure that your attorney’s actions are diligent.
Give certified copies of your Enduring Power of Attorney to all your attorneys and to the key people in your life, including your family, solicitor, bank, accountant and care providers, so they can know what you want done and who is authorised to act for you.
Things change so review your Enduring Power of Attorney arrangements at least every two years.
Disclaimer: Seek independent legal advice when considering making and changing your Enduring Power of Attorney documents. The information provided on this website is not a substitute for individual legal advice.
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