It’s easy to take for granted that you’ll always be in control of your own life. Losing capacity means you don’t have the ability to make your own decisions. In estate planning we look at capacity to make personal (including health) decisions and financial decisions.

It’s a common trap to think the ability to make decisions is an “old person problem” [big myth!]. Reality is there’s a laundry list of reasons why someone might be unable to make their own decisions and it can happen at any age or time. [eg. accident, illness, injury, medication]

No EPA = big problems
If you lose capacity without an Enduring Power of Attorney your loved ones do not have automatic rights to make decisions for you.

Despite your ongoing financial and personal needs, your family members will have no formal powers to access your bank accounts to pay your bills, access any disability, trauma and/or income protection insurance policies, or decide where you live or make arrangements for your care.

Who loves delays, paperwork, and expenses?
If these or similar decisions need to be made, your loved ones may make an application to the Queensland Civil and Administrative Tribunal (“QCAT”) for an order to be appointed as your financial administrator and/or guardian. This can be expensive, involve time delays (the current average time to finalise this type of application with QCAT is 20 weeks), and involves submitting various paperwork. This is often a stressful process for loved ones.

No control
You have no control over the QCAT process. Your loved ones have no control over the QCAT process. There is a risk QCAT may appoint someone to make decisions for you that you would not have chosen yourself (eg. Someone with different beliefs or lifestyle choices to you, or someone you wouldn’t trust in charge of your finances).

If there is conflict between family members or QCAT hold no confidence in the family members to manage your affairs appropriately, QCAT may appoint the Public Trustee of Queensland to act as administrator of your financial affairs and Public Guardian for your personal/health matters. The Public Trustee will charge a fee for managing your financial affairs (we suggest you web search “Public Trustee Qld 4 Corners” regarding the recent investigation of the Public Trustee’s actions).

An easy alternative
Get your Enduring Power of Attorney done now. It’s really that simple, and it’s a win/win.

Peace of mind for you – you’ve appointed people you know + trust to make decisions for you. Less stress, work, and cost for your loved ones.

It’s also an important part of the overall strategy for your estate plan…

No two people have the same loved ones, assets, values, and preferences…so no two estate plans are the same. As part of your estate plan, your Enduring Power of Attorney is tailored to suit your needs.

For eg, it can include special powers and terms that your decision makers may need to handle your affairs. Or the structure of nominations and special terms may depend on your goals for your quality of life and/or assets in the future.