A comprehensive estate plan is normally a reflection of how you would like your affairs managed in the event of your passing (e.g. will and/or testamentary trust). Consideration should also be made towards the management of your affairs whilst you are still alive (e.g. powers of attorney and guardianship).
For example, if you needed help managing your affairs either due to your absence (e.g. whilst on holidays) or a loss of decision-making capacity (e.g. sickness, accident or advanced age). An appropriately established power of attorney, gives authority for someone, or a number of people, to act on your behalf.
Laws governing powers of attorney may vary in each state and territory. In this animation, we provide you with a general overview of the types that may be available and their benefits. It’s important to seek professional advice to understand how they may relate to your personal circumstances.