Enduring Power of Attorney: What You Need to Know When Estate Planning in Queensland
You need to be aware of Enduring Power of Attorney and how it works when estate planning in Queensland.
What is Enduring Power of Attorney?
Enduring Power of Attorney (EPOA) is a legal document that allows you to entrust someone to make important financial decisions on your behalf in the event you become unable to make those decisions for yourself.
Wills, General Powers of Attorney, Enduring Powers of Attorney – Understand the Differences
Wills, General Powers of Attorney, and Enduring Powers of Attorney serve different purposes when it comes to ensuring your wishes are carried out in the future.
Will
A legal document that outlines how you want your property and assets distributed after your death. Your executor carries out your wishes.
Power of Attorney
Allows you to appoint someone to act on your behalf when you’re unavailable, such as when you’re overseas. However, the power ceases if you become incapacitated.
Enduring Power of Attorney
Allows you to appoint someone to make important financial decisions on your behalf when you become unable to make those decisions, such as when you become ill, injured, or mentally incapacitated. This power continues even if you lose your capacity to make decisions.
Why Advance Health Directives (AHDs) are Important
It’s important to note that EPOA does not include medical decisions made on your behalf.
An Advance Health Directive (AHD) allows you to nominate a trusted family member or friend to make those medical decisions for you when you are no longer able.
An AHD can also cover information that affects your care, including health conditions, allergies, and religious or spiritual beliefs. Your AHD ensures the person you entrust makes medical decisions that respect your wishes.
How to Make an Advance Health Directive
In making an AHD, you are handing over detailed information about the medical treatment or healthcare you want when you are no longer able to make those decisions. You can choose to decline certain medical treatment or receive all available treatment.
Make Sure to Give a Copy of Your AHD and EPOA to Your Family
Give a copy of your EPOA and AHD to your family members or nominated party. This is crucial to ensure the person you entrust can immediately act in accordance with your wishes in case of an emergency.
In Summary
Enduring Power of Attorney is an essential legal document that allows your trusted appointee to make important financial decisions on your behalf when you become incapable.
To ensure your wishes are accurately carried out, it’s important to understand the differences between wills, general powers of attorney, and enduring powers of attorney.
Additionally, an Advance Health Directive allows you to nominate a family member or friend to make medical decisions on your behalf when you’re no longer able to.
Make sure you give a copy of your EPOA and AHD to your family members or nominated party to ensure your wishes are respected in an emergency.
