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What to consider when making a Financial Enduring Power of Attorney

When considering making an Enduring Power of Attorney for financial matters, there are a number of issues to consider:-

  1. Who is to act as your Attorney – this can either be a relative or a person you trust implicitly to handle financial matters on your behalf. It can also be a professional.
  2. If appointing more than one person, consideration should be given as to whether they are to act solely or jointly to make decisions on your behalf.
  3. From what date is the appointment to take place: ie
    • Immediately;
    • From a particular date; or
    • From a particular circumstance eg. physical or mental incapacity. If the appointment is to start from incapacity, then a Doctor’s certificate needs to be obtained in order for the attorney to act on your behalf.
  4. It is important that legal advice is obtained to explore fully your intentions and all ramifications.

It is important to have a Power of Attorney in place for the following reasons:-

  • The possibility of losing the capacity to make your own decisions (either mentally or physically);
  • Travelling interstate or overseas where it may impossible to make decisions;
  • Ensuring that the person who does look after your affiars is who you would choose rather than someone appointed by the Victorian Civil and Administrative Tribunal, who may not be the person you necessarily may have chosen.

 

If you have any queries regarding the importance or construction of Powers of Attorney or otherwise please contact our office on 9707 1155 and we would be happy to assist you further.