 Power of Attorney
What is a power of attorney?
A power of attorney is a legal document authorising another person (called
the Attorney) to act on your behalf. A power of attorney allows your Attorney
to look after your financial affairs, either on a temporary basis or a continuing
basis, in the event you are unable to attend to such matters yourself.
Circumstances when you may require a power of attorney:
- Accident or sudden illness - When you are incapacitated, either temporarily
or permanently.
- Travel - When you are away from home for a period and
cannot attend to your affairs personally.
- Retirement.
- Unexpected absences.
The two main types of power of attorney are:
- General power of attorney
This type of power of attorney gives your Attorney the power to act on your
behalf for a particular purpose, or to act on your behalf for a limited period
of time.
The authority under a general power
of attorney ceases immediately should
you become legally incompetent .
- Enduring power of attorney
This type of power of attorney does not lapse in the event you become legally
incompetent, therefore an enduring power of attorney can be a form of protection
for your assets and investments. In the event of an accident or illness, an
enduring power of attorney protects your assets and financial affairs by
ensuring they will continue to be soundly managed.
Your enduring power of attorney may also be relevant at other times, for
example when you are away or on holidays.
We recommend you consider making an Enduring power of attorney.
Some services provided by an attorney:
- Protection and management of your assets.
- Payment of accounts - telephone, gas, electricity,
health membership, subscriptions, credit
cards, insurance.
- Managing and regularly reviewing investments
- savings, term deposits, shares, life insurances.
- Property management - collecting rental
income, repairs and maintenance, insurance,
payment of rates and water.
- Collecting income - Pensions, interest,
dividends.
- Medical claims - claiming accounts through
Medicare and private health funds.
- Preparation and lodgement of taxation returns.
- Reporting - Preparing regular Statements
of Receipts and Expenditure and Assets.
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Can a power of attorney be withdrawn?
You may revoke a power of attorney at any time preferably in writing by signing
a document called a revocation of power of attorney. The person to whom you
had given the power must be notified of the revocation.
If you have given an enduring power of attorney and subsequently become incapacitated,
anyone with a special interest in your affairs or who believes that the attorney
is not acting in your best interests may make an application to the Victorian
Civil and Administrative Tribunal (or relevant state authority) for a review
of your situation.
Sandhurst Trustees Limited power of attorney service
It is essential the attorney you choose will always be able to act if the
need arises. It is also essential that your attorney is totally competent and
trustworthy and has the time to take on this important role.
Sandhurst Trustees Limited is the ideal choice as your attorney, being impartial,
experienced and continually available to manage your financial affairs.
Sandhurst Trustees Limited can assure:
- strict confidentiality is maintained
- burden of responsibilities is removed
from family and friends
- impartiality in the execution of
duties
- continuity and economy in management
- protection from fraud
- accessibility and prompt attention
- advice and efficiency.
If you are ready to act in the matter of making a power of attorney or revoking
your current power of attorney, you are invited to avail yourself of the services
this company has to offer in the capacity of attorney.
For further information, to proceed with the preparation of your power of attorney or discuss Sandhurst Trustees Limited's power of attorney service, please
contact Sandhurst Trustees.
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