Power of Attorney - Victoria

You can nominate people to manage your financial and/or personal matters, while you are alive. This is achieved through an Enduring Power of Attorney. 

You can appoint a friend or relative, for example, to make decisions in relation to your financial management under certain circumstances. You cannot appoint your care provider, your health care worker, or your accommodation provider. 

Examples of personal matters include:

1. Decisions about your personal lifestyle (who you live with, what you wear)
2. Whether you need support services to assist you
3. Who can visit you, and whether you need more assistance with matters.

Personal matters do not include medical decision making or medical treatment. 

Examples of financial matters include:

1. Your banking (depositing and withdrawing money)
2. Selling and buying property including real estate 
3. Shareholdings including trading and selling stock
4. Carrying on your business, if you have one 
5. Attending to your legal matters

You can set certain conditions for the powers under the document to come into effect. Examples of some common conditions include:

1. The financial limit of the transaction, for example, only transactions over $100,000
2. That you have to be outside of the country for the power to come into effect 
3. That a medical practitioner must certify that you have lost capacity to make the decision in question
4. That the powers only come into effect after a certain time from the date of signing the document.

Powers of Attorney are a great tool to navigate that time in life where you are alive (so your Will is not in effect) but you lack the capacity to make your own decisions or manage your own affairs. 

It is important to make your Power of Attorney when you have capacity and the ability to make the document. 

The document is not age specific, and should be considered by adults of all ages. 

They are essential if you own real estate with another person, as a tenant in common (the other person on the title cannot sell or deal with the property without your consent) or if you run a business.