7 Principal and appointed decision-maker considerations and experiences KEY FINDINGS Principals generally first heard about FEPOAs through family and friends or a legal professional. Only about half of principals sought professional advice before creating their FEPOA and discussed it with the person they wanted to appoint. l l l Before creating their FEPOA, only about half (52%) discussed it with the person they wanted to appoint as their decision-maker and fewer than half of principals (42%) explained to other family members or friends why they chose their appointed decision-maker. Fewer than three in ten principals (29%) discussed their choice of prospective appointed-decision maker with a trusted third party or considered whether to set limits or conditions in their FEPOA (27%). Only about half of principals (56%) discussed their wishes with their prospective appointed decision-maker or spent time working out what was important for their future (50%). Only a small portion of those currently acting as appointed decision-makers felt they understood their responsibilities very well when they started their role. l Before taking on the role of appointed decision-maker, only 35% of appointed decision-makers gave the role high consideration and only 25% felt they had a very good understanding of their responsibilities. Despite generally positive experiences, principals and appointed decision-makers are also aware that there are risks and negative consequences associated with FEPOAs. l l l l l Principals generally had high confidence that their appointed decision-maker would look after their finances in line with their interests and preferences, and two in five felt content (42%) and/or in control (41%) of their FEPOA arrangement with their appointed decision-maker. Four in five principals and appointed decision-makers (79%) had heard of negative consequences resulting from having an FEPOA, including: family conflict, misuse of money, or the principal being taken advantage of. One in ten principals and appointed decision-makers (9%) had experienced negative consequences first-hand. The three biggest risks identified as being associated with FEPOAs were misuse or theft of the principal’s money (39%), conflict within the family (35%) and that the appointed decision-maker goes against the principal’s wishes (33%). A quarter of principals (24%) have (or have wanted to) change or cancel their FEPOA, most often due to a change in relationship with the appointed decision-maker or concerns about them, or their ability to perform their role. Chapter : 7 Principal and appointed decision-maker considerations and experiences 39