(Jim Cullen, managing your finances  4.8MB)

In New South Wales, three out of every four people write a Will.  But what would happen to your finances if you lost the capacity to manage them while you were still alive?

People can sometimes get by with informal arrangements, but it is easy to be caught out. For example, any property requiring joint signatures may not be accessible to you or your family if you lose the capacity to sign for yourself.

Some people who own businesses already have a power of attorney, with a family member. Many people don't realise that an ordinary power of attorney, cannot be used  if you have lost your capacity. If you want your family to be able to access your finances in the event of you losing your capacity,  then you need to write an Enduring Power of Attorney.

An Enduring Power of Attorney needs to be written with a lawyer or at your local Court.

You can only write an Enduring Power of Attorney  when you have your capacity. If you wait until there is a problem it may be too late.   Any adult can write an Enduring Power of Attorney, while they have their capacity. You do not have to be sick in any way to write an Enduring Power of Attorney

If you lose your capacity to manage your finances, and your family needs to access your finances, there is a legal process that your family will need to go through, which may also cost money.

It  is very important that you trust the person you give your Enduring Power of Attorney, as they will have the same controls over your finances and property as you do.

You can withdraw or change an Enduring Power of Attorney at any time while you have the capacity to manage your finances.

If you have written a will, you should also consider appointing an Enduring Power of Attorney, as it is very common for people to lose the capacity to manage their finances when they are still alive. If you do not appoint an Enduring Power of Attorney, this may lead to unnecessary legal problems and expenses for your family.

The person you appoint as your Enduring Power of Attorney will be able to manage your finances, but your Person Responsible will be asked to guide your medical treatment. They may or may not be the same person. Its up to you. For example you may want your husband to manage the finances, but your daughter to decide what medical treatment you receive.

Click here to open the forms to appoint an Enduring Power of Attorney.

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