BALDWINS • FoodLegal

Australian Lawyers and Consultants

Enduring Powers of Attorney: New Laws Apply

May-June 2004

Those who have made or are considering use of enduring powers of attorney need to be aware of new requirements from April 1, 2004 introduced by the Victorian Instruments (Enduring Powers of Attorney) Act 2003. It also applies to existing powers of attorney as if they were made under the new Act.

The grantor of the power can now specify when the power comes into force as well as limiting the attorney’s powers and imposing special conditions on the exercise of the power, and can determine how long it will remain in force.

There are also significant added legal duties of the attorney in exercising a power of attorney. Attorneys are now legally obliged to keep and maintain accurate records and accounts of each dealing made under the power.

Procedurally, there are now additional requirements for the actual signing of the power of attorney document. This includes a need for 2 witnesses one of whom is authorised to witness the signing of statutory declarations, a statement of competency and for the attorney to accept the power (and the obligations now imposed by law) by signing the document as well.

For further information, contact Joe Lederman at BALDWINS, Australian Lawyers & Consultants.

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