Most people know that they should make a Will but aren’t aware that making an Enduring Power of Attorney is just as important. Your Will only becomes enforceable once you’ve passed away, but what happens if you are incapacitated while you’re alive?
This makes it difficult for your family to deal with your financial affairs. Even your spouse can’t deal with your sole financial affairs without a valid Enduring Power of Attorney in place.
If you don’t have a valid Enduring Power of Attorney in place, the Queensland Civil and Administrative Tribunal may appoint another person to act on your behalf should you lose capacity. The Tribunal has the power to appoint government bodies such as the Public Trustee of Queensland for financial decisions and the Adult Guardian for personal or health decisions. By leaving the decision to the Tribunal, you will have no control over who manages your affairs should you lose capacity.
Proper planning and obtaining legal advice when preparing your Will and Enduring Power of Attorney is essential. Our Estate Planning team can be contacted at firstname.lastname@example.org or by calling 3345 4388 to answer any questions you may have on this subject.