Don't wait until it's too late
Why your 40s are the right time to set up an Enduring Power of Attorney.
Read more: Your advice to 40-year-olds: #6 Administration generation
Most of us associate powers of attorney with older age – something to sort out “eventually”.
But the truth is, an unexpected accident, illness, or health event can happen at any age.
Setting up an Enduring Power of Attorney (EPOA) in your 40s isn't pessimistic. It's one of the most practical things you can do to protect yourself and the people you love.
When “eventually” becomes too late
Many Australian families face a challenging situation each year. Imagine a person in their 40s who suddenly suffers a stroke or a serious accident, resulting in a temporary or permanent loss of capacity.
After decades of partnership, their spouse discovers that they lack the legal authority to access investment accounts, pause mortgage payments, or manage business affairs.
To gain this authority, the spouse must apply to a tribunal, which involves a formal legal process. This process requires submitting paperwork and medical evidence, attending a hearing, and enduring weeks of waiting – all while trying to navigate a health crisis and maintain the household.
This scenario occurs more frequently than most people realise. In many of these cases, having an Enduring Power of Attorney (EPOA) – a document that can be completed in just one afternoon – would have entirely prevented the situation.
The process to establish an EPOA takes hours. The consequences of not having one can unfold over months.
What is an Enduring Power of Attorney?
A power of attorney is a legal document that authorises someone you trust to make decisions on your behalf – typically about financial and property matters. There are two main types:
General Power of Attorney – usually used for a specific period or purpose, such as while you are travelling overseas. Importantly, it stops operating if you lose mental capacity.
Enduring Power of Attorney (EPOA) – this is the one that really matters for long-term planning. It either continues or comes into effect if you lose capacity, meaning someone you trust can keep managing your affairs when you may not be able to do so yourself.
Depending on your state or territory, your appointed attorney may be able to pay bills, operate bank accounts, manage investments, buy or sell real estate, and sign legal and financial documents on your behalf.
How to set one up
The rules and forms differ across states and territories, so always follow the guidance from your local government or public trustee. As a general guide, you will need to:
Confirm you have capacity. You must understand what an EPOA is, what powers you are granting, and the responsibilities that come with it. An EPOA can only be made while you have full mental capacity – another reason not to delay.
Obtain the appropriate form for your state or territory. Forms and explanatory guides are available from your state's public trustee, public guardian, or justice department (links below).
Select your attorney or attorneys with care. This person will have significant power over your affairs. Choose someone who is trustworthy, financially responsible, and genuinely able to act in your best interests – not just someone convenient.
Complete, sign, and have it properly witnessed. Witnessing requirements differ, but you typically need one or more adult witnesses who are not your designated attorney.
Determine when the EPOA will take effect. It can take effect immediately, on a specific date, or only when you become unable to make decisions – your choice.
Ensure that you store and share the document securely. Keep the original in a secure place and provide certified copies to your attorney, your bank, your financial adviser, and any aged care or health providers as needed.
Where to find the right form for your state or territory
- Australian Capital Territory – Making an Enduring Power of Attorney
New South Wales – Making a Power of Attorney
Northern Territory – Power of Attorney
Queensland – Power of Attorney and Making Decisions for Others
South Australia – Make a Power of Attorney
Tasmania – Enduring Power of Attorney
Victoria –Making an Enduring Power of Attorney
The bigger picture: three documents worth having
An EPOA is one part of a trio of planning documents that work together to protect you across different areas of life:
Enduring Power of Attorney (EPOA) – covers financial and property decisions, including paying for aged care services.
Guardianship appointment – appoints someone to make personal, lifestyle, and health decisions for you if you cannot make them yourself.
Advance Care Directive – a written record of your health and end-of-life care preferences, so your wishes are known and respected.
Without these documents in place, your family may find themselves legally unable to sign agreements, access accounts, or make binding decisions on your behalf – no matter how well they know your wishes. The time to act is now, while the choice of who holds that authority is entirely yours.
This article provides general information only and does not constitute legal advice. For guidance specific to your situation, consider speaking with a solicitor or your state's public trustee.
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