Power of Attorney
A Will sets out what happens with your assets when you die but a Power of Attorney is a legal document in which you appoint someone that you trust to look after your finances or if you lose the ability to make decisions for yourself due to injury or sickness. Unlike a Will, a Power of Attorney works while you are alive and they stop working when you die. For example, if you were to experience the misfortune of going into a coma after a car accident, if you have granted a Power of Attorney to a trusted person, they can act on your behalf. If you did not have a Power of Attorney in place, your loved ones would need to make an application to the Victoria Civil and Administrative Tribunal for authority to make decisions for you. This can be quite time consuming, costly and very stressful for your family. Take this stress off your family members and make a Power of Attorney while you still can.