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His call follows the release of a new report which found significant gaps in Australians’ knowledge about their rights and responsibilities around the legal document - which is exacerbating the risk of financial elder abuse.
An enduring power of attorney allows a person to appoint someone else to make financial and legal decisions on their behalf, including if they become unable to do so in the future due to illness, cognitive decline, or other circumstance.
The Commission’s report, titled Empowering Futures, surveyed more than 3000 adult Australians to understand current levels of awareness and use of these documents. It also explored what they did or did not know about financial enduring powers of attorney.
The research found that enduring documents are widely valued for providing peace of mind, and for empowering people to control how future decisions affecting their lives will be made. However, there is limited public awareness about them and 87% of people have not set one up for themselves.
The research found concerning critical gaps in knowledge and understanding about how enduring powers of attorney should work. This can leave them vulnerable to potential abuse and exploitation from misuse of these documents, whether from ill-intent or ignorance.
While many were aware that things could go wrong, few are equipped to take the necessary steps to protect themselves.