Williams & Lay Lawyers can help you with the four types of Powers of Attorney used in Victoria:
Anyone over the age of 18 who has the capacity to understand the nature and consequences of the document, who makes the decisions in the document of their own free will and who can communicate clearly what those decisions are.
Before you need them! These documents safeguard your interests in the event of something unforeseen – an accident or illness that purloins you of your capacity to make decisions for yourself. It is better to be prepared and confident in knowing that the person you choose will be making important decisions about your money, your living arrangements, and your health.
For a Power of Attorney (Financial), it begins when you nominate that it should. Powers of Attorney (Medical Treatment) and Powers of Attorney (Guardianship) only commence when you are unable to make your own decisions.
You need to appoint someone your trust to make the right decisions. With a General Power of Attorney and an Enduring Power of Attorney (Financial), you can appoint more than one person to make the decisions jointly.
They are legally responsible to you and must act in your best interests. While you have mental capacity, they must obey your instructions. They cannot give gifts to themselves or anyone else unless you specifically authorise this. They must keep their finances and money separate from yours, keeping accurate records of all of their dealings with your money.
It’s imperative that you discuss these documents with a lawyer who can give you professional advice about your particular circumstances. It’s also vital that you discuss your wishes with your family to avoid unnecessary conflict and stress.
Yes, these documents need to be witnessed by a person with statutory authority, such as a solicitor or Notary Public.
Yes, as long as you still have the decision-making capacity to do so, you can revoke or change these documents. This has to be done in a legally binding way, however, so please seek legal advice.
Selecting a power of attorney can be a tricky and time-consuming task with my convoluted elements. But it’s essential to safeguard your estate and allow a trusted person to make financial and legal decisions on your behalf. Contact our team today to get started and confidently elect your power of attorney.
Phone: 03 9737 6100
Email: info@williamslay.com.au
Address: 13 Castella Street, Lilydale, Victoria - 3140
ABN: 86 650 898 418
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