Powers of Attorney
A Power of Attorney is a legal document that gives a trusted person the legal authority to act for you and to make legally binding decisions on your behalf. There are 2 different types of Powers of Attorney you should consider having prepared.
Financial/Lifestyle Power of Attorney
A financial/lifestyle power of attorney allows a person or persons nominated by you to make decisions in relation to financial and/or lifestyle matters on your behalf, either immediately or in the event you become incapacitated and unable to make those decisions for yourself.
Financial matters means any matter relating to your financial or property affairs, and includes any legal matter that relate to your financial or property affairs.
Personal matters mean any matter relating to your personal or lifestyle affairs, and includes any legal matter that relates to your personal or lifestyle affairs, such as where and with whom you should live.
Medical Power of Attorney
A medical power of attorney allows a person nominated by you to make medical decisions for you in the event you are unable to do so yourself. These may include agreeing to medication, surgery, and other medical procedures.
Their power is only able to begin when a medical practitioner determines you have lost capacity to make decisions for yourself.
Circumstances when a Power of Attorney is particularly useful
A Power of Attorney can be relied upon in countless circumstances including, where there has been an accident, sudden illness, planned or unexpected absence, or when you just can’t cope you may need someone to manage your affairs.
What happens if I don’t have a Power of Attorney but lose capacity/ability to care for myself
Unfortunately, the reality is, once a doctor determines you require a person to act on your behalf for either financial, lifestyle or medical reasons, it is often too late to prepare a valid Power of Attorney, particularly when matters of capacity are in question. It is for the reason its important to get one drafted sooner rather than later because if there is no Power of Attorney in place and a doctor determines you are unable to care for yourself, your family would need to apply to VCAT for a Guardianship Order which can not only costly and time consuming but has onerous reporting requirements.
To find out more about Powers of Attorney and their benefits, contact our office on (03) 9923 8233 or email contact@sm-law.com.au
