Enduring Power of Attorney – VIC
An Enduring Power of Attorney is a legal document that allows you (the Principal) to appoint a person(s) (the Attorney) to manage financial and personal decisions on your behalf, and continue to do so even when you lose mental capacity. It must be executed in the presence of a prescribed witness and it is governed by The Powers of Attorney Act 2014 (VIC) and The Powers of Attorney Regulation 2015 (VIC).
It is a good idea to have an Enduring Power of Attorney to provide for the possibility that in future you will be unable to make certain decisions due to an incapacitating illness or loss of mental capacity.
– You can appoint up to five attorneys and up to five substitute attorneys.
– You can set conditions and limitations on the attorneys’ power.
– You can set when the attorney has power, for example: immediately; when the principal loses capacity; or from a specified date.