If you as a business owner are temporarily, or even permanently, incapacitated, key decisions still need to be made and turning your mind to making sure your wishes are known and able to be implemented is a wise step to take immediately. This Fact Sheet outlines considerations to be aware of when selecting the best person to be your attorney and when generating an Enduring Power(s) of Attorney.
- The choice of an attorney is an extremely important one.
- Do not appoint a person as your attorney unless you are completely confident that they will act honestly and sensibly.
- The choice of two or more people to act jointly or in a majority can be highly effective in reducing the risk of dishonesty or inappropriate decisions.
- Appointing an attorney with farming or agricultural knowledge is recommended.
- Attorneys should be in a position to provide an explanation of all transactions completed.
- A Financial and Personal Enduring Power of Attorney document allows the appointed attorney to sign on behalf of the principal any document which has a financial connection.
- When making a Medical Treatment Enduring Power of Attorney it is important that you discuss, in advance, your medical treatment wishes with your appointed attorney (‘medical agent’).