Planning for the future: Enduring Power of Attorney and Enduring Guardian
Estate planning isn't only about what happens after you die. It's also about who can make decisions for you if you lose capacity during your lifetime.
Estate planning is not only about what happens after you die. It is also important to consider who can make decisions for you if, during your lifetime, you lose the capacity to make those decisions yourself.
What is an Enduring Power of Attorney?
An Enduring Power of Attorney allows you to appoint a person to make financial and legal decisions on your behalf. Depending on the authority given, this can include operating bank accounts, paying bills, managing investments and buying or selling property. Importantly, an Enduring Power of Attorney continues to operate even if you subsequently lose decision-making capacity.
What is an Enduring Guardian?
An Appointment of Enduring Guardian deals with different types of decisions. An enduring guardian can make decisions about your health, medical treatment, accommodation and lifestyle if you are no longer able to make those decisions yourself.
The key distinction
- Enduring Power of Attorney: financial and legal decisions.
- Enduring Guardian: health, medical, accommodation and lifestyle decisions.
The same person can be appointed to both roles, or you can appoint different people. What matters is choosing someone you trust and who understands your wishes.
Why these documents matter
These documents can provide an important safeguard if you become unable to manage your affairs because of illness, injury or another circumstance affecting your decision-making capacity. Without appropriate arrangements, it may become necessary for a court or tribunal to become involved in determining who can manage aspects of your affairs.
Review your appointments periodically
It is also important to review these documents periodically. Your circumstances, relationships and wishes may change, and the person you appointed years ago may no longer be the appropriate person to act for you.
Key takeaway
An Enduring Power of Attorney and Appointment of Enduring Guardian are powerful legal documents. Obtaining legal advice when preparing them can help ensure they properly reflect your wishes and circumstances.
This article is general information only and does not constitute legal advice. Every matter is different — speak with one of our lawyers about your specific circumstances.
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