Appointing a power of attorney

When your circumstances change due to serious illness, particularly when you have received a diagnosis of a life-limiting illness, it’s an opportunity to reflect on where you are currently placed financially, who you trust to make decisions on your behalf and ensuring that you have contacted all relevant people and organisations about your situation for support.

After reviewing your finances and insurances, you could benefit from creating, reviewing, or appointing a Power of Attorney. It’s recommended that you seek advice from a Solicitor when setting this up.

Power of Attorney (POA)

A POA is a legal document that appoints an individual or a trustee company with the permissions to manage your financial affairs and assets. POA operates whilst you are alive and you either want or need someone to make decisions on your behalf. Selecting the right person to be your POA could make the difference between having a clear understanding of your financial position or potentially being financially vulnerable.

General (Non-Enduring) Power of Attorney (GPOA)

A GPOA is a legal document that appoints an individual or a trustee company to manage your financial affairs and assets for you. A GPOA may be limited to a specific purpose, for a limited time or you wish to put into place a temporary arrangement. For example, you may be planning a trip overseas or will be away from home for an extended period and require a trusted representative to manage your financial affairs. GPOA is only used while you can still make your own decisions and ends once you lose capacity to make those decisions.

Enduring Power of Attorney (EPOA)

An EPOA is a legal document in which you appoint another person or trustee company to make property and financial decisions for you and continues even when you have lost the ability to make decisions for yourself. Understanding that the EPOA will continue to operate when you have lost capacity, it is good to have informed your Attorney of your wishes while you are healthy and aware.

Informing RAMS once your Power of Attorney is set up

When you set up a Power of Attorney to manage your account(s), you and your Attorney(s) will need to contact us on 13 RAMS, that’s 13 7267. 

What RAMS will require

• The original, completed Power of Attorney document, or a certified copy of the Power of Attorney document by a lawyer or Justice of the Peace
• Identification documents such as a driver’s licence, Australian passport or other government photo identification, or other non-photographic identification
• Photo identification of the Attorney/s that you have appointed and whom you wish have access to manage your financial affairs
• In some circumstances, supporting evidence such as a medical report may need to be provided. For example, if the account holder has lost capacity.

Keep in mind that authorising others access to your finances can increase your exposure to the risk of domestic violence and financial abuse and fraud. 

Financial Management Order (FMO)

A Financial Management Order (also known as a Financial Administration Order) is a legal document which appoints one or several persons to be the Financial Manager/Financial Administrator to make financial decisions on behalf of another person (Protected/Represented Person). 

An FMO is made by a Court or Tribunal where an individual does not have a valid EPOA in place and no longer has legal capacity to make one. A Court or a Tribunal can appoint a family member or a friend as a Financial Administrator/manager to make decisions on your behalf, or they can appoint a public official from the State Trustee, if appropriate. An FMO may revoke an existing EPOA arrangement.

Informing RAMS of a Financial Management Order

When a Financial Manager wants to let RAMS know about the appointment to manage Protected Person’s account(s), they will need to contact us on 13 RAMS, that’s 13 7267.

What RAMS will require

It’s recommended you call us on 13 RAMS, that’s 13 7267 to lodge an FMO arrangement. We will also require the following information for us to set up the arrangement:

• The original, complete FMO documentation, or a certified copy of the FMO documentation by a lawyer or Justice of the Peace. 
  Note: if the FMO was appointed in NSW and you have been provided with electronic FMO documentation, please bring the original email chain from the NSW Trustee including the Directions and Authorities.
• Identification documents such as a driver’s licence, Australian passport or other government photo identification, or other non-photographic identification for each Financial Manager.

More information

Please be aware that Power of Attorneys, Financial Management Orders, and other similar arrangements are different in each state and territory.

If you are unsure who to appoint as your Power of Attorney, Enduring Guardian or Executor of your Will, contact your State/Territory Public Trustee for further information and assistance.

Below are support services available that can help you understand and make decisions in relation to managing your financial affairs.

Queensland Public Guardian

NSW Trustee & Guardian

ACT Public Trustee & Guardian

Victoria Office of the Public Advocate

SA Public Trustee

NT Office of the Public Guardian  

WA Office of the Public Advocate

Tasmanian Office of the Public Guardian

Things you should know

This information is general in nature and has been prepared without taking your objectives, needs and overall financial situation into account. For this reason, you should consider the appropriateness for the information to your own circumstances and, if necessary, seek appropriate professional advice.