Do I need a Power of Attorney?

These documents are part of a complete estate plan and come into play if you should lose decision-making capacity, so you may wish to think about your wishes in that regard, particularly if you have assets owned in your sole name that will be difficult for your family to access if you lose capacity.

A Power of Attorney is a legal document where one person (normally known as the Principal) gives another person the power to make financial and medical decisions on their behalf while they’re still alive.

Financial Powers of Attorney are used to appoint a decision-maker to manage a person’s financial and legal affairs, whilst Medical Powers of Attorney allows a person to choose a decision-maker to manage their health and lifestyle affairs.

Without Power of Attorney documents, your family will need to apply to the relevant court or tribunal in their state or territory to have the legal authority to be able to manage your financial or medical affairs. Preparing these documents now can save time and money down the track, however you should be comfortable in who you are appointing as it is an important decision.