Many of you know someone who, through injury, age, or disease, cannot manage their financial affairs or health needs. Alternatively, as you approach retirement, your financial advisor might ask: “Have you set up a Power of Attorney NSW and Enduring Guardianship NSW?” You probably thought, “What are they and do I need them?”
What is a Power of Attorney NSW?
A Power of Attorney NSW lets you appoint a person or persons to manage your financial affairs on your behalf. Whether you need one is a personal decision, but remember: once you lose your mental capacity, it’s too late to set one up, so consider this question now.
You can create a Power of Attorney for practical or business reasons. For example, you might appoint someone, known as your attorney, for a specific task or period. If you plan to go on an overseas holiday and expect documents to require signing while you’re away, this can help. Alternatively, you can establish an Enduring Power of Attorney that allows your attorney to manage your financial affairs even after you lose mental capacity.
What is an Enduring Guardianship NSW?
An Enduring Guardianship NSW lets you appoint a person or persons to make lifestyle, medical, and general health decisions for you when you cannot do so yourself. This may include decisions about medical treatment, hospitalisation, nursing home care, or home care. It also covers whether attempts should be made to revive you if you cannot sustain your life without artificial assistance.
If you have strong views about emergency treatment—what care you want or do not want—you can make an Advanced Care Directive as part of your Enduring Guardianship or as a separate document. This helps your Guardian clearly understand your wishes.
Why Power of Attorney and Enduring Guardianship Matter
Your Power of Attorney and Enduring Guardianship are important documents, so appoint only someone you trust. If your circumstances change, update your documents and destroy the old versions.
Just as you review other parts of your affairs, you should review your Power of Attorney and Enduring Guardianship regularly. A lawyer can prepare and witness these documents for you at a reasonable cost.
How to set up Power of Attorney
If you’re wondering how to set up Power of Attorney NSW or want to discuss Enduring Guardianship NSW, contact the team at Whitelaw McDonald Lawyers today – we’ve got your back.
This is generalised advice only, and because individual cirustances vary, be sure to get personalised advice.
NOTICE: This article is accurate at the time of publication and does not constitute legal advice. Please see our legal notices page for more information.
