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Appointing a Power of Attorney

A Power of Attorney can help you manage your finances, property and other legal or lifestyle matters in the event that you can’t manage them yourself.

Put simply, a Power of Attorney is a legal document that allows an individual (you) to grant another person the right to act on your behalf, usually on issues of finance, property, medical or lifestyle. The document can specify rules and instructions to help ensure the Attorney can only act within certain parameters.

Granting someone this right means you would have representation should you ever fall ill, have an accident, die unexpectedly or be otherwise unable (or unwilling) to manage your own affairs at any time throughout your life.

Who can be a Power of Attorney?

Anyone can be a Power of Attorney so long as they are aged 18 or over, are not bankrupt, and are deemed to have ‘normal’ mental capacity. Generally speaking, a power of attorney would be someone you trust unreservedly, and whom you are certain has your best interests at heart.

What does this mean for my banking?

This depends on the type of Power of Attorney you have appointed, and the instructions (if any) set out in the Power of Attorney document. The Attorney could have as much or as little access and control of your banking as you allow.

More information

You can access the Australian government’s Power of Attorney factsheet here.

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