Research by the NSW Trustee and Guardian shows that 85 per cent of adults with ageing parents expect to be involved in decision-making for them at some point if required.
71% HADN'T DISCUSSED WITH THEIR PARENTS HOW FINANCES SHOULD BE MANAGED
78% AUSTRALIANS DO NOT HAVE A POWER OF ATTORNEY
A Power of Attorney allows you to grant a person of your choosing legal authority to make important legal and financial decisions on your behalf, in private affairs, business, buying or selling a property or some other legal matter.
A General Power of Attorney is different from an Enduring Power of Attorney in that under an ordinary Power of Attorney, one the grantor loses capacity, then the power of attorney ceases to apply.
GENERAL POWER OF ATTORNEY
gives your attorney the authority to make decisions about financial and legal matters on your behalf. This power lasts only for as long as you have 'capacity' and ceases to operate should you lose capacity to make decisions (determined by a medical doctor).
ENDURING POWER OF ATTORNEY
most significantly differs from the general power in that the powers continue should you, as the principal, lose capacity to make your own decisions. Further, this power cannot be revoked even after you lose mental capacity to manage your affairs in future.
If you lose capacity without an Enduring Power of Attorney, there may be no one with the legal authority to assist with managing your affairs. If this happens, the Guardianship Tribunal or the Supreme Court may appoint a financial manager for you, which will be at the cost and also mean that important decisions are now in the control of strangers.
Linked Associations
