A Power of Attorney is a legal document appointing one or more people to manage your financial, personal or medical matters during your lifetime. These documents are powerful tools in Estate planning and are critical if you ever lose capacity and cannot manage your own affairs through illness or injury.
You need to consider that if you lose mental capacity through either an accident or through illness, who would be legally be able to make legal, financial and health decisions on your behalf. The documents can also be put in place for a certain timeframe (for example if you are overseas).
There are currently two types of Powers of Attorney available in Victoria namely: –
- Enduring Financial Power of Attorney: and
- Supportive Power of Attorney
We also prepare Appointment of Medical Treatment Decision Maker documents and advanced Health Care Directives which is are legal documents setting out your preferences for any medical treatment in the future
When drawing Powers of Attorney in we advise upon:
- The proper selection of attorneys and alternate attorneys for personal, financial and medical matters
- Attorney Succession (the appointment of alternate or joint attorneys): and
- Any directions to be given to attorneys to avoid conflicts in the future
We recommend that everyone should regularly review all of their estate planning documents just like a health check. Power of attorney documents should be reviewed to ensure that the appointed attorney is a person who still has the capacity to run your financial, personal or medical matters and who would be diligent in dealing with your affairs if you were to lose capacity.