In estate planning, appointing an appropriate attorney and guardian who can act in your best interests can provide you with peace of mind. When deciding who will be tasked with making important legal advice wills, financial and health decisions, there are several key factors which should be considered:
- Capacity and Willingness
The person appointed needs to be both willing and able to take on the role. We recommend discussing the role with the person prior to appointing them to ensure they are capable and willing to act, if required.
- Knowledge
It is not necessary to appoint an expert to act for you. It is, however, advisable to appoint a person with basic proficiency in the relevant areas. If the person you appoint does not have any understanding of legal, financial or medical concepts, they may not be able to act effectively.
- Personal Circumstances
Consider both the age and health of the person you would like to appoint. If the person is elderly or in poor health, they may be unable to fulfill their duties in the future.
- Trust
As the person will be tasked with making significant decisions, it is important that the person acts in your best interests. For this reason, we suggest appointing someone trusted to act.
- Availability
Your attorney and guardian need to be available when called upon. It is impractical to appoint someone who does not live within a reasonable distance or who may be too busy to act.
- Relationship
When making decisions in your best interests, it is beneficial if the person is aware of your circumstances and needs. Therefore, appointing someone close to you such as a spouse or child may be advantageous.
What if you don’t have anyone suitable to appoint as attorney and/or guardian?
You may consider appointing a professional to act on your behalf. The benefits of doing are that they would be impartial and able to effectively carry out their duties. The drawbacks are that this would likely result in an added cost and the person would not have knowledge of your individual circumstances and needs.
Appointing an attorney and guardian is a crucial part of estate planning. By choosing the right people, ensuring they understand their responsibilities, and communicating your wishes, you can have confidence that your affairs will be in capable hands.
Your circumstances, relationships, and preferences may change over time. It is recommended to review your Power of Attorney and Appointment of Enduring Guardian regularly to ensure that the right person is appointed.
If you would like to make an appointment to discuss your estate planning documents, contact us here or call us to arrange an appointment with our experienced Estate Planning team on (02) 4944 3322.
