Life is full of surprises, most of them good, but an illness or accident can throw it into disarray.
Periods of ill health or incapacity often disrupts daily routines causing stress and anxiety.
This can be avoided if you plan for the future.
In South Australia you can appoint an Enduring Power of Attorney
to step in and manage your financial affairs when you can’t.
While you are unwell, your spouse or a family member
cannot operate or access bank accounts in your name only
or sign any legal documents on your behalf if required.
They would need an Enduring Power of Attorney to do this.
Any person over the age of 18 and of sound mind
can appoint an Enduring Power of Attorney
by completing an Enduring Power of Attorney form.
You can purchase a do it yourself kit from Service SA.
It contains three forms and clear instructions on how to complete it.
If required, you can seek the assistance of a lawyer to prepare one perhaps at the same time
you are looking into drafting your Will.
Choosing who to appoint as your Enduring Power of Attorney is an important decision.
The person you appoint should be someone familiar with your financial obligations,
have the time and skills to manage your financial affairs,
and most importantly, someone you can trust with your money.
You can appoint more than one person to be your Attorney
but if you do appoint more that one person it is recommended that you chose people
that can work together to avoid conflict and complications.
If you complete an Enduring Power of Attorney form it is important to let your family know
so that they are aware of your decision and you can discuss with them any questions they may have.
It is also sensible to inform and provide copies of the form to your local bank manager,
your accountant and any other institution you believe should know of its existence.
The effectiveness of an Enduring Power of Attorney relies on all relevant people
being aware you have chosen who has the legal authority to manage your money
in the event you are unable to do so yourself.
If you would like further advice or information on Enduring Powers of Attorney
you can call the Legal Help Line of visit the website.
An Enduring Power of Attorney is a legal safety net
available to you just in case there is a period that interrupts the day to day running of your life
caused by illness or injury.
This may never happen; your appointed Attorney may never be called upon step in.
However, by having one in place,
you have peace of mind that you choose who steps in,
you decided when they step in,
and you controlled who and how your money is managed.
So what happens if you do not do one and due to an illness you cannot manage your finances?
If most of your financial affairs are in your name only,
a family member would have to make
an application to the South Australian Civil and Administration Tribunal
to appoint someone to have the authority to deal with your finances for you.
This is a formal process that can add further stress and confusion to your family during a period of increased
responsibility because of your ill health and entirely avoidable.
There is also no certainly that the Tribunal will appoint the person
you would have chosen to manage your financial affairs for you.
Most of us carry an umbrella when we think there is the possibility of rain.
Think of the Enduring Power of Attorney as your legal umbrella, just in case in rains.
Take control of your future today, and plan ahead.