Powers of Attorney
What are Powers of Attorney?
Generally, a Power of Attorney allows you to appoint another person to make decisions on your behalf.
Any Power of Attorney is an extremely important document and should only be effected after careful thought and consideration.
First Point Legal and Conveyancing advise clients as to which Powers of Attorney are suitable and in fact required. Quite often we identify that assistance may be provided to clients by means other than a Power of Attorney, such as making a person a signatory to a bank account.
First Point Legal and Conveyancing Wodonga also discusses with clients the various options available with each of the powers.
What types of Powers of Attorney are available?
The Powers of Attorney that are available to you depend upon the state:
- in which you reside
- within which you have assets; and
- are likely to receive medical treatment
What are Enduring Powers of Attorney?
Enduring Powers of Attorney continue (endure) past the point that you as the person making the power no longer has the mental capacity to make your own decisions.
Victoria
In Victoria, the relevant Powers of Attorney are as follows:
Enduring Power of Attorney (Financial and Personal)
This Power of Attorney allows the attorney to make “financial” decisions on your behalf such as opening, operating and closing bank accounts, and buying and selling property.
“Personal” decisions are any decisions in which a parent can make about a child such as where you live, who you can and cannot have contact with and what activities you can and cannot participate in.
First Point Legal & Conveyancing will advise you as to the various options available to you about:
- When the power is to commence
- What limits are placed upon the attorney and
- The directions you wish to provide to your attorney
Without an Enduring Power of Attorney, then in the event you do not have the capacity to make your own decisions, including personal ones, and a dispute arises between your family members as to the care you receive and/or where you like, it is likely that an independent person (employed by a Government department) may be appointed to make the decisions.
Enduring Power of Attorney (Medical)
This Power of Attorney allows your attorney to make medical decisions on your behalf when you have lost the capacity to make decisions on your own.
This Power of Attorney is important in the event you believe that there is a chance that your family members may disagree about what medical treatment you are to receive.
New South Wales
In New South Wales the relevant Powers of Attorney are as follows:
Enduring Power of Attorney (Financial)
This Power of Attorney allows your attorney (or attorneys if you wish to appoint more than one person) to make financial decisions on your behalf such as opening, operating and closing bank accounts, and buying and selling property. If you do not impose any directions and/or limitations upon your attorney, they are able to do anything which you can do.
First Point Legal & Conveyancing will advise you as to the various options available to you about:
- When the power is to commence
- What limits are placed upon the attorney and
- The directions you wish to provide to your attorney
Enduring Power of Guardianship (Medical and Personal)
This Power of Attorney allows your attorney to make medical and personal decisions on your behalf, once you have lost capacity.
“Personal” decisions are any decisions in which a parent can make about a child such as where you live, whom you can and cannot have contact with and what activities you can and cannot participate in.
This Power of Attorney is important in the event you believe that there is a chance that your family members may disagree about what medical treatment you are to receive and/or they may disagree about where you are to live.
Without an Enduring Power of Attorney, then in the event you do not have the capacity to make your own decisions and a dispute arises between your family members with regard to these issues, then it is likely that an independent person (employed by a Government department) may be appointed to make the decisions.
What is the cost of the Powers of Attorney?
Victoria
Enduring Power of Attorney (Financial & Personal)
$220.00 per person
$330.00 per couple
Power of Attorney (Medical)
$165.00 per person
$220.00 per couple.
Discounts are available if you effect Powers of Attorney at the same time as you make a Will.
For a complete suite of Powers of Attorney and Will our fees are as follows:
$495.00 per person
$695.00 per couple
New South Wales
Enduring Power of Attorney (Financial):
$220.00 per person
$330.00 per couple
Enduring Power of Guardianship (Personal Decisions and Medical Decisions):
$220.00 per person
$330.00 per couple.
Discounts are available if you instruct us to prepare Powers of Attorney at the same time as you make a Will.
For a complete suite of Powers of Attorney and Will our fees are as follows:
$550.00 per person
$695.00 per couple