Powers of Attorney Choose who manages your finances when you can t

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1 Powers of Attorney Choose who manages your finances when you can t

2 SEMINAR PARTNERSHIP COTA NSW (The Council on the Ageing) is the peak organisation for people over 50 in our state. We re and independent, consumer-based, non- government organisation. We advance the rights, interests and futures of Australians as we age. Cognitive Decline Partnership Centre aims to improve the lives of people with cognitive and related functional decline in older people by developing, communicating, and implementing research that improves care. 2

3 POWERS OF ATTORNEY HOW TO KEEP CONTROL OF OUR FINANCES! S U E F I E L D

4 POWERS OF ATTORNEY A power of Attorney is a legal document where you appoint an Attorney to manage your financial and certain legal affairs. A power of attorney is not an; Will Enduring Guardianship Advance Care Directive/ Living wills 4

5 POWERS OF ATTORNEY WHAT ARE THEY? A document whereby we (the Principal) can appoint one or more persons (the attorney/s) to act on our behalf for financial and legal matters. Powers of attorney can be General (they are only effective while we have mental capacity) or they can be Enduring (they remain effective after we have lost mental capacity); They are governed by state and/or territory legislation. 5

6 HOW A POWER OF ATTORNEY CAN ASSIST YOUR CHOICES We can choose who we wish to appoint as our attorney/s; We can choose when the power of attorney is to come into effect; We can state how the attorney/s are to act, i.e. jointly/severally; We can put limitations on the powers of the attorney/s; We can authorize the attorney/s to give gifts; We can revoke (cancel) the power of attorney at any stage (as long as we have mental capacity). 6

7 WHAT ARE THE RESPONSIBILITIES OF AN ATTORNEY? The attorney/s must act in accordance with the instructions in the power of attorney; The attorney/s must act in the best interest of the principal at all times; The attorney/s cannot benefit financially from the position; The attorney/s must ensure they understand their obligations; The attorney/s cannot resign their position if the principal has lost mental capacity. 7

8 WHAT SHOULD YOU KEEP IN MIND WHEN APPOINTING A ATTORNEY That if you have appointed your attorney under a General Power of Attorney, it will cease to have effect if you lose mental capacity; That if you have appointed your attorney under an Enduring Power of Attorney it will continue to have effect should you lose mental capacity; That your attorney should have; INTEGRITY, FINANCIAL ACUMEN, AVAILABILITY ADVOCACY SKILLS UNDERSTAND THEIR ROLE and the CONSEQUENCES OF NOT DOING THE RIGHT THING. 8

9 OTHER FUTURE PLANNING TOOLS We can choose to appoint someone as our enduring guardian (to make personal and health decisions) this will only come into effect when we have totally or partially lost the ability to make these decisions ourselves; Enduring Guardianship is governed by state and/or territory legislation; We can make an Advance Care Directive stating what treatment we would, or would not, want if we couldn t communicate; Advance Care Directives in NSW are governed by Common Law. 9

10 HOW AND WHERE DO WE GET A POWER OF ATTORNEY We can download the document/s from the website of Land and Property Information, however, there are witnessing requirements! We can see a solicitor who will explain and prepare the documents for us and witness our signature; N.B. We don t have to register the power of attorney unless we intend to engage in real property transactions. 10

11 Our partners

12 Power of Attorney Linking to relevant information

13 Options to assist COTA NSW Legal Pathways NSW Trustee & Guardianship - Plan Ahead days Will Days - Local Councils, The Salvation Army, Red Cross Law Society - The Solicitors Referral Service (02) (outside Metro area) Registrar of a local Court House Press 1. COTA New South Wales

14 Legal Pathways Partnership COTA NSW and Legal Aid assistance to older persons needing advice about a Will, Enduring Power of Attorney, or Enduring Guardianship. Solicitors are available at: COTA NSW Office; Avoca Beach; Blacktown; Camden; Campbelltown; Cronulla; East Gosford; Liverpool; Newcastle; Newport; Parramatta; Penrith; Sutherland; Taree/Forster/Tuncurry and Wollongong. COTA New South Wales

15 Reliable information COTA NSW COTA NSW Website or phone and COTA will send you copies COTA New South Wales

16 Reliable information Legal Aid NSW COTA New South Wales

17 Reliable information NSW Government NSW Trustee & Guardian Planning ahead Land and Property Information COTA New South Wales

18 Future planning documents Financial and legal General Power of Attorney or Enduring Power of Attorney Estate Planning Lifestyle and health choices Medical treatments Wills Enduring Guardianship Advance Care Directive/Living will COTA New South Wales

19 Thank you Our aim is to motivated you to plan for your future.