Pick your Team Members

In case of your incapacity:

• Who will be your financial decision maker (Enduring Power of Attorney)?
• Who will be your medical decision maker (Enduring Guardian)?

In case of your death:

• Who will be responsible for your kids (Guardian of minor children)?

By now you must know life can be unpredictable. By having your Estate Plan ready and stand by, you can ensure your wellbeing and the best interest of your loved ones.

We agree that it might be hard to picture what would happen to your kids if you were no longer there to take care of them, specially if they are below 18 or what will happen if you lose your capacity preventing you from making decisions for yourself and for your family.

Even though these thoughts make you feel anxious, delaying the necessary actions to protect yourself and your family from these possible hardships is not the smart thing to do. Rather, by taking necessary precautions now itself, you will be able to relax and enjoy life with your family knowing you have them and you covered in case of emergency.

Life will not always go smoothly, however if you have an Estate Plan in place, you and your loved ones will be able to navigate through the troubled waters.

These are the questions you should ask yourself to ensure the wellbeing of your minor children and yourself.

Enduring Power of Attorney

Who will make my financial and legal decision if I am incapacitated?

Who will look after my finances if I am incapacitated?

In case if you get incapacitated due to illness, accident or injury and you are unable to make important decisions such as your financial and legal decisions. By having an Enduring Power of Attorney appointed for yourself, they can step in and make those financial and legal decisions for you.

What they do?

Your Enduring Power of Attorney will step in if you are incapacitated and make financial and legal decisions on your behalf.

EPOA will manage your finances, and ensure bills are paid, organize and lodge tax returns, managing your investments and your property.

When you appoint your EPOA, you should get the consent of that person.

Remember an EPOA cannot take health and lifestyle decisions on your behalf. For that purpose, you are required to appoint an enduring guardian.

What should I consider when I select my Enduring Power of Attorney (EPOA)?

• The person you are appointing as your attorney does not have to be a financial expert or a financial professional. But having financial knowledge would be added advantage when they make decisions.
• The most important thing is it should be someone trustworthy and credible. They should have your full confidence to act on your behalf when reflecting your wishes financially and legally.
• Moreover, this person should not be someone who has been bankrupt.
• Availability of the person is also important, they do not have to be in Australia however if they are in Australia, it would be easier for them to carry out their responsibilities.
• You can appoint up to 4 people to act together, but if you do appoint more than one, they will need to be able to work together. Choosing representatives from each side of your family is an available option.

Guardian of Minor Children

Who will look after my children if I die before they turn 18?

If a parent of a child under 18 years of age passes away, usually the law will assume that parental rights default to the child’s surviving parent. You are able to appoint a guardian under your Will to take care of your child. However, the courts will favor the child’s surviving parent over the appointed guardian in the will.

In situations where the surviving parent does not reflect the best interest of the child and is deemed as an unfit parent for instance if there is a restraining order against the surviving parent, or history of domestic violence perpetrated by the surviving parent appointing a guardian for your child in the will is crucial.

If both parents passed away with a will appointing guardianship of the children under 18 years in their will, then the guardianship will be given to the appointed person, who will then act as the guardian of the children assuming duties and responsibilities of them. Appointing a guardian could reduce confusion and conflicts between the family left behind.

If both parents passed away without appointing a guardianship for their children under 18 years in their will, anyone can request to the court to be appointed as a guardian. The legal procedure will be costly financially and emotionally for the loved ones and it would consume time as well.

If both parents have passed away and have not made a guardianship appointment in their Will,  and no person wishes to make an application to care for the child or be their guardian then the child may pass into the care of the state.

What they do?

If both parents are dead, the guardians step in and take the responsibility of the child(ren). They are the decisions makers of the children with regards to their upbringing, education etc. Further they have the same legal capacity as parents.

What should I consider when I chose a guardian for my children?

Appointing a guardian for your children is not an easy task. It’s a tough decision that must be made. When looking for the perfect candidate for the guardianship of your children, you must consider if the appointed individual reflects the same values, beliefs that you want your children to grow up with.

Find a person whom you trust deeply and consider whether that person have a stable home and ability to take care of additional children. See if that persons’ lifestyle, religious beliefs, and values align with yours and whether that person has a good bond with your children. More importantly you must consider the wishes of your children specially if they are 12 years of age or older.