Conditions and instructions you should have in your Powers of Attorney
Did you know you were able to insert conditions and/or instructions into your Powers of Attorney so that your Attorneys are aware of your wishes after you have lost the capacity to tell them?
Enduring Power of Attorney (Financial)
One instruction may be that the Attorney may apply to the Victorian Civil and Administrative Tribunal (VCAT) for directions as to the management of the estate of the Principal. The Power of Attorney may further state that the process should be paid out of the estate, subject to any order being made by VCAT disallowing the payment from the estate.
Another instruction you may wish to include is that you give your Attorney the authority to make binding nominations on behalf of the Principal in regards to their superannuation benefits.
What about gifts? It is possible that your Attorney may be questioned for spending money on your behalf on gifts to family members for special occasions. Consider the maximum amount that you would authorise your Attorney to make as a gift to certain people and put that in your Power of Attorney so there can be no doubt.
The Attorney must keep a written record gifts of more than $100 (s.67 of the Powers of Attorney Act 2014) spent on your behalf from your estate.
The Attorney must keep accurate records and accounts of dealings and transactions of financial matters.
If you would like your Attorney to be remunerated for his/her duties, you must specifically say so in your Power of Attorney. If not, the Attorney would have to apply to VCAT to be remunerated.
Appointment of Medical Treatment Decision Maker
You should consider and include details in your Appointment of Medical Treatment Decision Maker about when you want the withdrawal of medical care other than pain relief.
If your medical practitioner concludes that you are likely to be in a long term vegetative state, then your Medical Treatment Decision Maker can authorise the withdrawal of life support, other than pain relief.
For more information or to seek legal advice, please telephone us at 9555 7233 or email us at email@example.com.
This article provides information that is general in nature and is not a substitute for legal advice.