As aged care professionals, you play a vital role in supporting older Victorians through some of life’s most significant transitions. One area where your guidance can make a profound difference is encouraging clients to protect themselves from financial vulnerability, especially as they move into retirement.
A recent State Trustees survey shows that financial independence is incredibly important to Victorian seniors. After a lifetime of hard work building their assets, many older people want to ensure their finances remain secure well into their later years. One of the most effective ways to achieve this is by preparing an Enduring Power of Attorney for financial matters.
An Enduring Power of Attorney for financial matters allows a trusted person or organisation to make financial decisions on someone’s behalf if they lose the ability to do so themselves, for example due to a serious accident, illness or cognitive decline.
The most critical message?
It must be created while the person is still healthy, aware and legally capable.
Unfortunately, many families discover too late that a loved one did not have the proper arrangements in place. Once decision-making capacity is lost, it is no longer possible to appoint an attorney.
Those working in aged care are often the first to notice when clients are vulnerable, whether physically, socially or financially. Preparing an Enduring Power of Attorney helps safeguard against the risk of financial exploitation, ensuring someone reliable and accountable is placed in charge of their financial wellbeing.
Choosing the right Attorney is crucial. Clients should select someone they trust completely and discuss their expectations before making the appointment.
When appointing an Attorney, people can choose:
A person or professional they trust
This could be a friend, family member or their solicitor to act as their personal and or financial Attorney.
State Trustees
Appointing State Trustees as an Enduring Power of Attorney for financial matters can remove the burden from loved ones and ensure important decisions are made by professionals.
For some clients, especially those who are single, have strained family relationships, or do not wish to burden loved ones, appointing a professional organisation like State Trustees can provide peace of mind. A professional Attorney ensures financial matters are managed impartially, securely and with full accountability.
State Trustees can prepare:
Enduring Power of Attorney (financial)
Allows an individual or organisation to manage financial and property matters.
Enduring Power of Attorney (personal matters)
Allows a trusted friend or family member to make certain personal decisions, such as accommodation or care arrangements.
You cannot appoint State Trustees as your Personal Enduring Power of Attorney.
Medical Treatment Decision Maker Appointment
Like a Power of Attorney, this document allows you to appoint a person or professional to legally make medical treatment decisions if you cannot due to injury or illness.
You cannot appoint State Trustees as your Medical Treatment Decision Maker.
With deep expertise in power of attorney laws and a comprehensive financial management service, State Trustees provides an expert, impartial option for people seeking security as they age.
Before creating their Enduring Power of Attorney, clients should think about all aspects of their financial life, including:
Property transactions
Banking and financial institution accounts
Daily living expenses
Utility payments
Government benefits
Superannuation and retirement income
Charitable or family gifts
Safe deposit box access
They must also decide when the appointment takes effect, immediately, on a specific date, or only when capacity is lost.
Without an Attorney, seniors may have no control over who steps in to make financial decisions on their behalf. Their assets could be managed by someone they would not have chosen.
A person is considered capable of making an Enduring Power of Attorney if they understand:
The conditions or limitations they can set
When the power can be used
That the Attorney’s power continues even if capacity is lost
They may revoke the power at any time while they still understand it
They cannot oversee the Attorney’s actions if they lose capacity
These are important concepts aged care professionals can help explain or reinforce during conversations with clients and families.
State Trustees understands how complex Powers of Attorney can be. Their specialists provide:
Guidance through the entire preparation process
Independent and impartial advice
Questions clients may not have considered
Support in making informed decisions about their assets
For many older Victorians, especially those you support in aged care settings, this guidance can be life changing.
Help your clients safeguard their financial future.
Book an appointment to create an Enduring Power of Attorney for financial matters.
To learn more about how we can support your clients, or to make a referral, contact one of our Relationship Managers today.
Email: WillsAdmin@statetrustees.com.au or call 1300 138 672
For more information, visit www.statetrustees.com.au
