Power of Attorney
What is a power of attorney?
A power of attorney is a legal document authorising another person (called the attorney) to act on your behalf. A power of attorney appoints an attorney to manage your financial affairs, either on a temporary basis or a continuing basis.
Circumstances when you may require a power of attorney:
- Accident or sudden illness - when you are incapacitated, either temporarily or permanently.
- Travel - when you are away from home for a period and cannot attend to your affairs personally.
- Unexpected absences.
The two main types of power of attorney are:
General power of attorney
This type of power of attorney gives your attorney the power to act on your behalf for a particular purpose, or to act on your behalf for a limited period of time.
The authority under a general power of attorney ceases immediately if you lose the capacity to manage your own affairs.
Enduring power of attorney
This type of power of attorney does not lapse if you lose the capacity to manage your own affairs. Accordingly, an enduring power of attorney can be a form of protection for your assets and investments, ensuring that your chosen attorney manages your assets and financial affairs, if you cannot manage those matters yourself.
Your enduring power of attorney may also be relevant at other times, for example when you are away or on holidays.
We suggest that you consider appointing an attorney by way of an enduring power of attorney.
Some services provided by an attorney:
- Protection and management of your assets.
- Payment of accounts - telephone, gas, electricity, health membership, subscriptions, credit cards, insurance.
- Managing and regularly reviewing investments - savings, term deposits, shares, life insurances.
- Property management - collecting rental income, repairs and maintenance, insurance, payment of rates and water.
- Collecting income - pensions, interest, dividends.
- Medical claims - claiming accounts through Medicare and private health funds.
- Preparation and lodgement of taxation returns.
- Reporting - preparing regular statements of receipts and expenditure and assets.
Can the appointment of an attorney be cancelled?
You may revoke a power of attorney at any time preferably in writing by signing a document called a revocation of power of attorney. The person to whom you had given the power must be notified of the revocation.
If you have given an enduring power of attorney and subsequently become incapacitated, anyone with a special interest in your affairs or who believes that the attorney is not acting in your best interests may make an application to the Victorian Civil and Administrative Tribunal (or relevant state authority) for a review of your situation.
Sandhurst Trustees' power of attorney service
It is essential that the attorney you choose will always be able to act if the need arises. It is also essential that your attorney is competent and trustworthy and has the time to take on this important role
Sandhurst Trustees is the ideal choice as your attorney, being impartial, experienced and continually available to manage your financial affairs.
When appointed as your attorney Sandhurst Trustees can ensure:
- strict confidentiality is maintained
- the burden of responsibility is removed from family and friends
- impartiality in the execution of duties
- continuity and economy in management
- protection from fraud
- accessibility and prompt attention
- advice and efficiency.
If you are ready to appoint an attorney , you should consider the services this company offers when acting as your attorney.