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Power of Attorney

What is a Power of Attorney?

A Power of Attorney is a legal document that allows someone you trust to step in and manage your finances, property, and other legal or personal matters if you’re unable to do so yourself. While standard templates exist, you can tailor the document with specific instructions outlining exactly what your attorney can and cannot do on your behalf.

The benefit of having a Power of Attorney

By appointing a Power of Attorney, you ensure that someone can act on your behalf if you become ill, are injured, or are otherwise unable or choose not to manage your own affairs at any stage of life.

What does it mean for your banking?

The level of access a Power of Attorney has to your banking depends on the type you’ve appointed, and any instructions outlined in the document. You decide how much or how little control they have over your bank accounts.

If you’d like to give a Power of Attorney access to your Coastline Bank accounts — or if you hold Power of Attorney for one of our customers, please contact us and we’ll guide you through the process. Requirements vary depending on the state in which the document was issued, but in all cases, we’ll need to hold an original certified copy of the Power of Attorney, along with completed Coastline Bank paperwork. In most situations, the Attorney will then be able to sign on the principal’s behalf.

What are the three types of Power of Attorneys?

  • Power of Attorney – a Power of Attorney (POA) authorises a person (the Attorney) to make financial and legal decisions on behalf of another person (the Principal). This arrangement ends when the customer loses capacity to make decisions on their own.
  • Enduring Power of Attorney – An Enduring Power of Attorney (EPOA) is the same as a POA with the exception that the authority of the Attorney to act on behalf of the Principal continues even if the Principal loses capacity to make decisions on their own.
  • Financial Management Order (FMO) – A Financial Management Order (or an Administration Order) is an order made by the Court or a Tribunal to appoint someone if a person loses the ability to make financial decisions.

When does a Power of Attorney end?

A general Power of Attorney can end in any of the below circumstances:

  • It is cancelled
  • The Principal dies or is deemed to have lost decision making capacity
  • The Attorney dies or is deemed to have lost decision making capacity
  • The Attorney resigns as Attorney
  • The Attorney becomes bankrupt (applicable only to some States in Australia)
  • The expiry date in the document is passed

A general Power of Attorney can be cancelled in the following ways, providing the Principal is deemed to have decision making capacity:

  • Written confirmation from the Principal to remove the POA from their accounts
  • The Principal notifying the Attorney that the document has been cancelled
  • By completing a revocation of Power of Attorney form
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Power of Attorney FAQ's

  • As the authorised person that is acting on behalf of a customer with respect to banking transactions, you will have the ability to manage the person’s account/s online via your own customer profile.

    If the POA/EPOA appoints 2 or more Attorneys and it is specified as “jointly”, then access to these accounts will be via Coastline Bank’s Business Banking whereby a two to sign process will be established.

  • A signatory authority relates to the Principal providing certain instructions or permissions to Coastline Bank for a nominated person to act on their account/s.

    A POA/EPOA confers the right for the Attorney to act on the Principals account on their behalf in relation to matters beyond those relevant to Coastline Bank but subject to limitations imposed by law or the POA/EPOA itself.

  • No. Making someone your attorney does not mean that you lose your right to operate your bank account, deal with your real estate or exercise any other rights that you have. You can continue to look after your money and property while you still have mental capacity to do so.

  • An attorney is under a duty to act in your best interests, except as specifically authorised in the power of attorney document.

    An attorney must:

    • keep the attorney’s money and assets separate from your money and assets (unless you and your attorney are joint owners or operate joint bank accounts)

    • keep proper accounts and records of how the attorney handles your money and assets.
    The NSW Trustee & Guardian, or anyone interested in your welfare, can require the attorney to produce these accounts and records. If the attorney does not carry out the obligations properly, they may have to compensate you. It is also possible that a transaction by the attorney may be cancelled, or that the power of attorney will be terminated or the attorney replaced.

    Except where the power of attorney document says otherwise, the attorney cannot be paid for his or her work as attorney, although they can claim any out-of-pocket expenses directly connected with carrying out their duties as your attorney. The attorney should keep receipts to prove these costs.

    If a solicitor, the NSW Trustee & Guardian or a trustee company is appointed as attorney, the power of attorney document may contain a clause allowing them to charge a fee for acting or this may be covered by a separate agreement.

  • If there is a dispute involving a power of attorney and the people involved cannot settle it, they will have to go to either the Guardianship Tribunal or the Supreme Court.

    Under the Powers of Attorney Act 2003 both the Supreme Court and the Guardianship Tribunal have the power to review enduring powers of attorney.

    The Guardianship Tribunal is a faster and cheaper alternative to the Supreme Court for resolving disputes.

    The Supreme Court retains the sole right to review certain types of general powers of attorney.

    Anyone seeking to review a power of attorney or challenge an attorney’s authority should seek legal advice.

  • You must register your power of attorney if your attorney is going to sell, mortgage, lease or otherwise deal with your real estate. Otherwise, it is not necessary to register it. However, by registering your power of attorney it will be:

    • On record as a public document

    • Safe from loss or destruction

    • More easily accepted as evidence that your attorney is allowed to deal with your legal and financial affairs.

    Powers of attorney are registered at the Sydney Office of Land and Property Information. Anyone can lodge it for registration – either you, your attorney or someone else. You cannot post or fax it. The original power of attorney and a photocopy of it should be taken to:

    Land and Property Information

    1 Prince Albert Road

    Queens Square

    Sydney NSW 2000

    You will also need to pay the current registration fee. At LPI, the staff will stamp a number on the original power of attorney and return it to you.

    This number is evidence that the power of attorney has been registered. Your attorney should use this number when they sign a document on your behalf.

    Your power of attorney will be digitally scanned and placed on public record, for anyone to see.

  • Land and Property Information

    Contact LPI Customer Service Centre with your inquiry.

    T: 1300 052 637

    F: 02 9233 4357

    E: GeneralEnquiry@lpi.nsw.gov.au

    www.lpi.nsw.gov.au


    Private Solicitors

    Most private solicitors can prepare a power of attorney. They can also give you advice on making a power of attorney, the obligations of the attorney and disputes involving powers of attorney.


    NSW Trustee & Guardian and trustee companies

    The NSW Trustee & Guardian and other trustee companies will prepare a power of attorney at no cost on condition that they are appointed as the attorney.

    They will then charge a fee for acting as attorney.

    NSW Trustee & Guardian has a network of branches throughout metropolitan Sydney and regional areas across NSW. Call toll free on T: 1300 364 103 for

    enquiries or to find out the location of your nearest branch or see their website www.tag.nsw.gov.au.


    Registrars of the Local Court

    The Registrar of the Local Court can explain the effect and give the certificate necessary to make an enduring power of attorney. This service is free. The Registrar cannot provide you with legal advice. You should telephone the court office to check when they are available. Find your nearest Local Court at www.lawlink.nsw.gov.au/lc.


    Law Access NSW

    Law Access NSW is a free legal information, assistance and referral service for people who live in NSW. Contact Law Access NSW on T: 1300 888 529

    (TTY 1300 889 529) or see their website www.lawaccess.nsw.gov.au.

    Guardianship Tribunal

    Information on enduring guardianship or making an application for the appointment of a guardian or financial manager is available from the Guardianship Tribunal:

    Locked Bag 9

    Balmain NSW 2041

    T: 02 9555 8500

    Toll free T: 1800 463 928

    www.gt.nsw.gov.