Please note the following is general advice only and you should seek legal advice specific to your situation.
What is a Power of Attorney (POA)?
A Power of Attorney is a legal document that helps you manage your finances, property and other legal matters if you can’t manage them yourself.
The benefit of having a Power of Attorney
Appointing a Power of Attorney ensures that you have representation if you fall ill, have an accident, or are otherwise unable (or unwilling) to manage your own affairs at any time throughout your life.
What does it mean for your banking?
Every Power of Attorney document is different so this will depend on who you have appointed, and the instructions (if any) set out in the document. They could have as much or as little access and control of your banking as you allow.
What are SWSbank’s requirements?
There are different requirements depending on the state the Power of Attorney document is issued in. We will need to see the original or certified copy of the document and a completed form. Usually, the Attorney can sign the form on the Principal's behalf.
Please get in touch with us if you would like to give a Power of Attorney access to your bank accounts, or if you hold Power of Attorney for a SWSbank member, and we can help you with the process.
What happens if you don’t have POA?
If you don't have or don’t want a Power of Attorney, you can choose to add a signatory to your account. However a signatory to your account is more limited in what they can do.
What does it mean to hold Enduring Power of Attorney?
The main difference is that an Enduring Power of Attorney can still make decisions on your behalf if you were to lose mental capacity – whereas a General Power of Attorney cannot.
Eligibility
Anyone can be a Power of Attorney – as long as they’re 18 or over, are not bankrupt, and have mental capacity. This means they understand the consequences of the decisions they make. Generally, it’s someone you trust to have your best interests at heart. Often, it’s a spouse or family member, friend, accountant, or lawyer.
Power of Attorney and financial abuse
A Power of Attorney can be a great way of ensuring your financial affairs are managed. In many instances, appointing a POA can protect individuals and their finances, and enable them to continue to manage their affairs should something unexpected happen. However, there is a potential for these powers to be misused, and in certain situations some people may be at a higher risk of abuse.
We are able to provide general advice only, and won't be able to tell you if appointing a POA is best for your circumstances. Consider getting legal advice if you have concerns or questions. You can also find more resources on financial abuse here.
How to appoint a Power of Attorney?
The process depends on which state or territory you live in. Find out more from the relevant agency in your state or territory.
When does it end?
A Power of Attorney can end in any of the following circumstances;
Financial Management Orders
Financial management orders give someone else the ability to make finance and property related decisions. A financial management order may be appointed by a Tribunal or Court when a person is considered incapable of managing their affairs and they do not already have a Power of Attorney.
