Some welcome amendments have recently been made to the laws regulating enduring powers of attorney. They improve the operation of enduring powers of attorney.
The key amendments are:
- An enduring power of attorney can cover both financial and personal matters. This saves having to sign a separate enduring power of guardianship.
- You can now appoint your spouse (or someone else) as your attorney and have your two or three adult children as alternative attorneys. This could not be done before.
- If a person has appointed multiple attorneys, that person can appoint one alternative attorney to act if any one of the attorneys is unable to act.
- If attorneys are to act by majority and one of the attorneys is no longer able to act, then the remaining attorneys must act jointly unless otherwise specified.
- Old enduring powers of attorney made under the Instruments Act or old enduring powers of guardianship made under the Guardianship and Administration Act are automatically revoked when a new enduring power of attorney is made.
That’s the good news. The bad news is that the amendments are not yet in operation but are expected to come into operation in May next year.
For more information, please contact:
T 03 5226 8574
M 0400 857 269
T 03 5329 6920