From September 1 new legislation surrounding the composition of Powers of Attorney will come into use in Victoria.
Current Victorian legislation allows for three different types of enduring Powers of Attorney.
- Enduring medical power of attorney which refers to health related issues,
- Enduring financial power of attorney covers financial matters, and
- Enduring power of guardianship relates to personal/lifestyle choices.
Going forward the latter two powers have now been consolidated into one ‘Enduring Power of Attorney’. The new legislation does not affect medical powers of attorney.
There has also been the introduction of the Supportive Attorney. The purpose of this agreement is to help professionals assist the principal in making a decision, in our case financial decisions. It essentially gives the supportive attorney the power to acquire information and make decisions on behalf of the principal that does not involve a significant financial transaction.
As part of these new measures Muirfield has been rolling out the ‘Muirfield Portfolio Agreement’ thereby allowing us to continue our proactive management of client portfolios with this more formalised agreement.
Powers of attorney made under current legislation will remain valid and only those powers of attorney instated after September 1 will have to conform to this new legislation.