If you become mentally incapable, you will need a power of attorney to provide another person or group of persons the right to handle your affairs. The incapacity must be authorized by two different medical examiners or by a trusted individual who will declare such mental incapability. Before you resort to this document, it is wise to consult a legal practitioner. It is such a useful and important document, but can also be harmful if your affairs are delegated to the wrong people. For instance, you are in a state of coma, the enduring power of attorney in Victoria will enable your wife or kids to handle the affairs and bank accounts in your behalf. With the absence of this document, your wife and kids will need to see a lawyer for assistance. This document is helpful in times of critical sickness or when you lose your mental health.
This document can come in two forms – one that takes effect immediately after the document is signed, and another one when you become mentally unfit. The form that will suit you best will have to rely on your current condition. A lawyer may not be necessarily present once the document is signed, however, he must be there before such signing. The lawyer is responsible for declaring that the enduring power of attorney in Victoria is understood by both parties. The lawyer also needs to review some notes listed in the Power of Attorney Act.
So what does this document really provide? Firstly, the designated attorney has the power, for instance, to sell properties like your home, car, name change in bank accounts, or investment decisions. This will alter everything that you used to do while you were still well. In addition, the lawyer has the power to take care of your spouse and kids’ financial needs. You can stipulate in the document some conditions and restrictions, which is best discussed with a legal professional.
The enduring power of attorney in Victoria can be cancelled in most cases. You have the right to revoke it anytime if you can still manage mentally your properties and belongings. It can also be revoked when you die or when an interested party applies in court to have it terminated by the person designating the attorney.