The new enduring power of attorney - commencement day is closer than you think!
The Powers of Attorney Act 2015 will commence on 1 September, including the provision for a new enduring power of attorney for financial or personal matters or both. The prescribed forms are expected to be available in August with online forms going live on 1 September. It is anticipated that the enduring power of attorney instrument will be lengthy (approximately 20 pages) with prompts in relation to the various decisions that a principal will need to make in relation to the power.
The Powers of Attorney Act provides for increased safeguards for principals (one document and tighter witness, acceptance and resignation requirements) and increased accountability for attorneys (clarity in relation to the attorney’s duties, provision for compensation for principals for loss caused by an attorney in particular circumstances and specific offences related to the enduring power of attorney).
The validity of existing powers of attorney – enduring power of attorney (financial) and enduring power of attorney (guardianship) – will not be affected by the reforms but such powers cannot be executed from 1 September with the repeal of relevant provisions under the Instruments Act 1958 and the Guardianship and Administration Act 1986 taking effect from 1 September.
Existing enduring powers of attorney (medical treatment) are not affected by the reforms. The Medical Treatment Act (1988) and the provision for the appointment of an agent and alternate agent under an enduring power of attorney (medical treatment) remain in place from 1 September.
To find out what do you need to know and do to prepare for commencement day register now for our upcoming seminar with Elizabeth Brophy on Wednesday 19 August 2015. Liz will provide an overview of the new enduring power of attorney and other key reforms under the Powers of Attorney Act 2014.
To regiser for the event or for more information click the link below:
About the Author: Elizabeth Brophy