Estate Group update: New powers of attorney legislation effective 1 September 2015
JUL 22, 2015
A quick reminder that the new powers of attorney legislation comes into effect from 1 September 2015. Please note, that existing powers of attorney documents will be valid.
Form
As yet, the new forms for the updated powers of attorney documents have not been released.
It is likely that the new role of the supporting attorney will be covered in a separate document to the new power of attorney (financial).
Onerous requirements
The witnessing obligations for the new POA documents are more onerous, requiring parties to sign the POA document in front of either a solicitor or medical practitioner.
The outcome of this is that it will make the signing of a POA document more difficult, more time consuming and potentially more costly.
This is a timely reminder to review and sign existing POA documents before the new POA legislation comes into effect.
This may save time and money.
More information
If you need any assistance or advice regarding the new power of attorney legislation, please contact a member of our Estate Group on (03) 8600 8885.
Note: This update is a guide only and is not intended to constitute legal advice.