If you find you are no longer able to make important decisions or you are losing capacity to do so, it may be time to start looking at appointing a Power of Attorney.
There are two main types of power of attorney:
A General Power of Attorney is limited to financial matters only and can only be used until the person loses capacity. Commonly these documents are used when you require someone to handle your financial affairs while you are traveling internationally, and the document will generally hold a time frame.
Once an individual reaches a point in their life where they are losing or are expected to start losing their own capacity regarding decision-making in their life, they may start looking at options to ensure a trusted person can make those decisions on their behalf, this is known as an Enduring Power of Attorney. An Enduring Power of Attorney is a person over the age of 18 who can handle a person’s decision-making regarding their:
It is usual practice for a medical professional to be engaged to assess the cognitive functions of an individual and to assess whether such individual has the capacity to provide such consent for someone to act as their Enduring Power of Attorney and handle their affairs.
If there is no immediate relative to handle your financial or personal affairs or there is a dispute between family members, then the Guardian and Administration Tribunal (GAAT) decides the appointment of your Attorney, and where family members cannot agree the GATT may appoint a public trustee.
Kingsford Lawyers can provide in-depth advice and guidance on Power of Attorney matters, reach out to us today for more information.
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