At any stage in your life, illness or an accident can render you incapable of making certain choices for yourself in the eyes of the law.
Quite often people to appoint a family member as enduring power of attorney. It may be a spouse, a partner, or one of their children. Whilst this is a common practice, it can create difficulties if you don’t understand the restrictions that the law places on attorneys in respect of certain decisions.
Were you incapacitated, a family member can be restricted from using your share of the family home to buy a new property to help with your care if they are going to live in it. They may also be restricted from purchasing your assets, to keep them 'in the family', even if they have the means and desire to do so.
But the good news is that such conflict actions are not illegal where they are specifically authorised. Through the careful drafting of an enduring power of attorney you can avoid such problems.
If you put in place an Enduring Power of Attorney while you are capable of understanding the nature and effect of your actions and choices, you are authorising someone you trust to do some of those things for you in the event you lose such legal capacity.
Enduring Powers of Attorney in Queensland are documents which must follow a specified form. They enable you, as the principal, to authorise one or more attorneys to make decisions on your behalf about both financial matters and about personal or health related matters.
Financial matters include such things as the payment of your bills and how your assets or income should be invested, spent or even sold.
Personal and health matters include such things as the medical treatment you receive, where you live and other lifestyle matters.
Obviously, you should have great trust in anyone you appoint as your attorney.
You are able to change or revoke an Enduring Power of Attorney at any time whilst you remain legally capable.
There are many other things you should know about Enduring Powers of Attorney before you sign one.
If you require any further information please contact us on 07 5443 9988 or [email protected].
Argon Law is a Sunshine Coast law firm based in Maroochydore. We are estate planning and property lawyers and we are eager to assist you in any way we can.
