Why A Power Of Attorney Matters More Than You Think

Most people understand the importance of having a Will.

It takes effect after you pass away and makes sure your wishes are carried out.

But what happens if you are still alive and suddenly cannot make decisions for yourself?

What Happens Without One?

Without an Enduring Power of Attorney in place, things can get complicated very quickly.

If you suffer a stroke, dementia, or another illness that leaves you unable to manage your own affairs, your family will have to go through the NSW Civil and Administrative Tribunal (NCAT) to have someone appointed under a financial management order.

This process can be lengthy, stressful, and expensive, and you may not have a say in who is chosen.

Sometimes a trusted family member is appointed, but if no suitable person is available, the NSW Trustee and Guardian (Public Trustee) may be given control of your finances.

That could mean your money and decisions are managed by someone you never intended.

Why Is It Worth Doing Now?

A Power of Attorney avoids all of that.

It lets you choose in advance who you trust to step in if you cannot, and you can even appoint an alternate in case your first choice is unable to act.

The cost of putting one in place is inexpensive.

It is a relatively small price compared to the stress, time and expense of going through a Tribunal later.

If you are getting older or just want peace of mind, it is worth arranging a Power of Attorney now.

It is one of the most important legal documents you can have, and in many ways, it is even more critical than a Will.