Before going to see a solicitor to draw up an Enduring Power of Attorney you should think about the following:
Who do you want as your attorney?
You may have one or more attorneys.
As your attorney will be making financial decisions on your behalf you should choose someone you trust.
You may appoint all of your attorneys to act jointly which means that they must make all decisions and act together, or, you may appoint your attorneys to act jointly and severally which means that if they are all available they can act together, but each individual can also act on his or her own.
Alternatively, you could appoint successive or alternative attorneys, for example, you may request that a particular person be your attorney but in the event that he or she is unwilling or unable to act then a different person nominated is then to act as your attorney.
When do you want your Enduring Power of Attorney to become effective?
You may choose to make your Enduring Power of Attorney effective immediately.
Alternatively, you may choose for your Enduring Power of Attorney to be effective only in the event that you suffer a subsequent legal incapacity. At this point a medical assessment by a qualified medical practitioner can determine whether you have legal incapacity.
There is no “better” option between choosing your document to be effective immediately or effective only in the event that you suffer a subsequent legal incapacity. What you choose is dependent purely upon your own personal preference. But you can add other conditions to an Enduring Power of Attorney that is effective immediately.
Do you want to specify the types of decisions your attorney can make or do you want to limit your Power of Attorney?
You may wish to limit your Enduring Power of Attorney. For example, you may wish for it only to be used for the purpose of entering into a contract for the purchase of a property and so that the power will end upon your return from overseas.
However, the majority of people who make Enduring Powers of Attorneys do not require that the Enduring Power of Attorney be limited.