Why enduring power of attorney won't always protect the elderly

A new report Policies and Practices of Financial Institutions around Substitute Decision-Making has looked at how banks and credit unions handle powers of attorney and whether these instruments are practical and effective. A key problem, it found, was that there is no national register to help verify the authority of a power of attorney. Further, the rules relating to the duties and registration of those holding powers of attorney differ between states and territories.

OtherThe Australian Financial Review (11-Jul-2015)

Released: 29-Jul-2015

A new report Policies and Practices of Financial Institutions around Substitute Decision-Making has looked at how banks and credit unions handle powers of attorney and whether these instruments are practical and effective. A key problem, it found, was that there is no national register to help verify the authority of a power of attorney. Further, the rules relating to the duties and registration of those holding powers of attorney differ between states and territories.

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