Types of Power of Attorney in Victoria
Enduring power of attorney
An enduring power of attorney is a legal document that allows you to appoint someone, known as your attorney, to make decisions on your behalf.The power granted to your attorney to manage your affairs can be expressed to come into operation immediately or if you become unable to make decisions about your financial affairs.This could be due to physical or mental incapacity.Unlike a general power of attorney, an enduring power of attorney remains in force even if you lose mental capacity, and, in those circumstances cant be changed.You can create and customise your Inherit Enduring Power of Attorney to authorise your attorney to have specific powers or functions about important matters such as managing your finances, and making any legal decision that you are permitted to make.
Medical power of attorney
A medical power of attorney, also known as a healthcare power of attorney or healthcare proxy, is a legal document that allows you to designate someone, known as your healthcare agent, to make medical decisions on your behalf if you are unable to do so.This could be due to incapacity, unconsciousness, or any other circumstance that renders you unable to make informed decisions about your medical treatment.Your healthcare agent will have the authority to communicate with healthcare providers, access your medical records, and make decisions about treatments, surgeries, medications, and other healthcare matters based on your wishes and best interests.
SMSF power of attorney
The Inherit SMSF Enduring Power of Attorney is a customized legal document specifically created for self-managed super funds (SMSFs) to address situations where a member loses the ability to make decisions. Its purpose is to safeguard the SMSF's assets and concessional tax status in such instances.Unlike a regular enduring power of attorney, which grants the appointed power of attorney the authority to act on behalf of the member within the confines of the trust deed, the SMSF enduring power of attorney can establish specific limitations and restrictions on the attorney's powers as a replacement trustee. Additionally, it can outline the attorney's responsibilities upon the member's death. This document is particularly useful for individuals who plan to be overseas for an extended period (over two years), families experiencing conflicts, or clients whose appointed attorney may lack the necessary expertise or capability to act as a trustee for an SMSF. The Inherit SMSF enduring power of attorney allows for the appointment of a 'Guardian' such as an accountant or financial adviser, who can either approve or veto certain powers and restrictions specified in the SMSF Enduring Power of Attorney document. It is also possible to have both an SMSF enduring power of attorney and a non-SMSF enduring power of attorney to manage one's affairs outside the SMSF, with the involvement of the same or different individuals.
General notes
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Power of Attorney document can only be made by a person 18 years and older who has the “capacity” to know what they are doing and the consequences of their decisions. If you are unsure, please seek legal advice before completing the information required.
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Enduring Power Of Attorney
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