Life is unpredictable; at any point, some unexpected event, be it injury, illness, or your unavailability, might make you incapable of handling your affairs on your own. In such a situation, if another person has not been legally appointed to manage your affairs, it could mean several unnecessary complications for you or your family. That’s where a Power of Attorney comes to your aid. With a Power of Attorney in Victoria, you ensure your assets and affairs are managed according to your wishes, even when you cannot do it alone. Sounds like something you should get?
Let us take you through everything you need to know about Power of Attorney, including –
- What is POA
- POA cost
- The process of obtaining a POA, etc.
Let’s get started!
What is a POA?
A POA or Power of Attorney in Victoria is a legal document that allows you to appoint a person who can act on your behalf and manage your personal, financial, and medical affairs in case you cannot do so. It grants one person or multiple people the authority to represent another person and undertake the mentioned activities. i.e., the “Principal”.
- The nominated attorney(s) are/is called “Agent” or “Attorney-in-Fact”.
- The person executing the POA is called the “Principal”.
As the principal, you can determine the scope of the agent’s authority and clarify it within the POA. You can decide whether you want the “agent’ to manage all your affairs or restrict them to your medical or financial undertakings.
Different Types of POA
Now that you know what a POA does, let’s broaden our knowledge by understanding different kinds of POAs. In Victoria, there are three different types of POAs –
General Power of Attorney
A General Power of Attorney gives the Principal a temporary right to act as your proxy and manage your affairs for a particular time. It only remains effective when the principal retains the legal or mental capacity to take care of their affairs but is simply unable to because of a momentary lack or unavailability.
For instance, a General Power of Attorney is the right choice if –
- You are travelling internationally and want someone to work with you in the meantime.
- You are undergoing a temporary health issue like injury and leave anyone in charge of your affairs while you recover.
- You run a business and want someone legally qualified to manage certain aspects of your business or operations.
Note that the moment the Principal is mentally or legally incapacitated, the General Power of Attorney becomes null and void. That’s why it is only considered ideal for short-term requirements and not long-term planning.
Enduring Power of Attorney
An Enduring Power of Attorney is a legal document that authorises a person or multiple individuals to handle all legal, personal, and financial matters in the wake of the Principal’s mental incapacity. You can appoint one person to control your affairs or assign certain aspects to different individuals. It covers several financial decisions like managing bank accounts, paying bills, managing investments, and personal decisions like living arrangements and care services.
Enduring Power of Attorney in Victoria is ideal in case of –
- Age-related cognitive decline
- A chronic or degenerative illness.
- Sudden accidents, strokes, severe illnesses, etc.
To execute an Enduring Power of Attorney, the Principal and Agent/Attorney-in-Fact must be aged above 18 years.
Supportive Power of Attorney
A Supportive Power of Attorney gives the Agent/Attorney-in-Fact legal authority to support you (the Principal) in making decisions. But unlike in an Enduring Power of Attorney, they don’t have the right to make decisions on your behalf. As a supportive attorney, one can perform several tasks concerning monetary organisations, business enterprises or government departments on behalf of the Principal.
But they –
- Cannot support you in real estate transactions apart from tenancy arrangements.
- Enter into a financial transaction exceeding $10,000.
- Cannot formally support you in a medical decision.
A Supportive Power of Attorney in Victoria or any other region is also temporary and can expire –
- Whenever the Principal cancels it.
- If the Principal becomes medically/legally incapacitated.
- If the supporting attorney resigns/dies.
How to Get a Power of Attorney in Victoria?
Here are a few steps to get a Power of Attorney in Victoria –
Choose an Attorney(s)
The first step is to choose a person(s) you want nominated as your attorney(s). It should be someone who will be sure to act in your best interests under all circumstances and is willing to take up the responsibilities.
Draft the POA
You can collect the form from the Office of the Public Advocate or legal service providers and fill it out. The form includes essential points like –
- The powers that the attorney will have
- From and till when will the POA be in effect?
- Any specific power restrictions
Sign the Document
Next comes the signing of the POA. The principal should sign the document in front of two adult witnesses –
- An individual authorised to witness affidavits (such as a lawyer, doctor, or justice of the peace) and any legal adult.
Registration
A General or Enduring Power of Attorney in Victoria requires no legal registration, but notifying relevant banking or other institutions is always recommended. But if your POA deals with real estate transactions, it has to be registered with the Land Titles Office.
At Easy Link Conveyancing, we offer help with the entire process and ensure you secure the Power of Attorney in Victoria without any hassles.
Where Can I Get a Power of Attorney Form?
You can collect the Power of Attorney form from diverse sources in Victoria –
- Office of the Public Advocate (OPA) Victoria
- Victoria Law Foundation
- Legal Practitioners
- State Government of Victoria
How to Revoke a Power of Attorney?
To revoke a Power of Attorney in Victoria, you have to follow a few simple steps –
- Notify the attorney in writing,
- Destroy the original POA document (if possible),
- Inform relevant institutions that the POA is no longer in effect.
It can be revoked anytime if the Principal still has the mental capacity to do so.
How much does a POA Cost?
There is no exact cost of executing a POA in Victoria; it depends on diverse factors –
- If you use the online forms available on the Office of the Public Advocate website, you will incur a notary or certification fee. But you will have to manage everything on your own.
- If you seek the professional help of a solicitor to draft the Power of Attorney, you will have to pay the involved charges. It is a cost-effective option; once you hire them, you won’t have to worry about anything else.
Draft Your POA with Easy Link Conveyancing
This was everything you needed to know about the Power of Attorney in Victoria. At Easy Link Conveyancing Melbourne and Sydney, our team offers complete assistance with the POA process. From filling out the form, drafting the POA, recommending witnesses, and comparing you with all the specifics, we will do it all to ensure a seamless experience. Any legal document must be drafted with extra care, and a POA is no different. So, connect with us and rest assured that an expert team will handle everything on your behalf.