power of attorney

[poppy]

I am looking at getting an enduring power of attorney done for my husband and I (with both of us being the power of attorney for each other). We don't want each other to be stuck unable to sell assets etc if the other was incapable of making decisions. I would also like to get it setup so that my husband and I can also deal with each other's financial affairs, when the other is overseas or not contactable etc.

We are in the ACT, although we have IPs in other states in my name only. I have downloaded the forms from the Public Advocate of the ACT website and have been reading them.

Reading the documentation, it does appear the attorney has a responsibility to act reasonably, so is there any need to insert clauses to prevent your spouse from doing anything unreasonable, such as selling your home without your knowledge and spending it on a new BMW for themselves (not that I'm saying I think my husband would do this!)? In particular, I would think it would be unreasonable for a power of attorney to make a major financial decision without your consent, when you were sound of mind, unless it was an emergency and you couldn't be contacted.

I am also assuming it would be wise to include a clause that if we were seperated or divorced the power of attorney would be invalid.

Can anyone who has done this offer any advice. Thanks.

 

[Propertunity]

Can anyone who has done this offer any advice. Thanks.

My wife and I have recently set up testamentry trusts for the kidlets in case something happens to us as well as power of attorney (POA).
But we are often travelling together on the same plane or the same car - so giving it to each other was rather pointless if we are both killed or injured.
I think(?) what we ended up doing was joint POA with the solicitor as the other person...and as a back-up a close relo.
That way husband will get questioned by solictor who also has to counter-sign on sale of wife's assets while she's on hols and solictor has a legal duty-of-care to extend to wife - so he's not going to sign without lots of investigation as to why and possibly calling her on her mobile.

 

[marg4000]

An Enduring Power of Attorney gives another person the authority to act on your behalf, to make any decision he/she sees fit.

For a document as important as this then I think it essential to have it specifically drawn up by a solicitor so that all your concerns can be covered amd specific questions answered.
Marg

 

[Bradsdad]

My wife and I have recently set up testamentry trusts for the kidlets in case something happens to us as well as power of attorney (POA).
But we are often travelling together on the same plane or the same car - so giving it to each other was rather pointless if we are both killed or injured.
I think(?) what we ended up doing was joint POA with the solicitor as the other person...and as a back-up a close relo.
That way husband will get questioned by solictor who also has to counter-sign on sale of wife's assets while she's on hols and solictor has a legal duty-of-care to extend to wife - so he's not going to sign without lots of investigation as to why and possibly calling her on her mobile.

I think you will find that the POA ceases once you are deceased.

 

[Propertunity]

I think you will find that the POA ceases once you are deceased.

yeah I think you're right. Sorry I'm a bit vague on it - did it just over 18 months ago and, once relieved of the burden, promptly forgot about it until poppy asked the Q.
Now I'll have to go dig it all out and refresh myself on its workings again.

 

[poppy]

Thanks for your advice,

My husband recently had a stroke at a young age, which he has recovered from, but of course I want to make sure I can take care of things if it might happen again. And even though there is no need to think anything would happen to me at my age, I would want to make sure he was able to say sell an IP or even our own home and personal items if I was sick and it was necessary. We have no dependents.

I know I should see a solicitor, but the thought of having to take unpaid time off work etc to see them puts me off, plus I would want to know what I'm talking about before I see them. Members of my family recently had some powers of attorney documents drawn up by a solicitor which I read, and they looked identical to the documents I have downloaded so I am wondering what value I would get out of the average solicitor anyway.

 

[Y33]

POA are never bullet proof. There is always something that can occur outside of what ever limitations you impose.

You may want to add your own clauses in regards to time frames of incapacity, type of illnesses or absences etc.

If your holdings/investments are not too complex then a standard POA form should be sufficient. Also have a look at Law Central (lawcentral.com.au) and check out there site for POA forms. You can always send them off a couple of quick questions to check anything you aren't sure of.

 

[Raddles]

Hi there
the documents for powers of attorney in the ACT are quite extensive and could be used quite readily without major changes (did do some for my parents and sister who were resident in the ACT at the time). The benefit is all aspects are in the one document whereas in other states - they are different documents if you want financial aspects dealt with and major health issues dealt with (i.e. turning off the machine if that is all that is keeping you alive). You still should see a solicitor because you want to ensure this document interacts well with your will and any superannuation elections you need to make.
thanks