Power of Attorney (POA): Basics and How to Lodge with ANZ

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 5 min

In this article

• What is a Power of Attorney?
• What are the different types of Power of Attorney?
• How to lodge a Power of Attorney with ANZ

Important disclaimer: This is a general guide only. Understanding and properly managing a Power of Attorney is essential for safeguarding your financial and legal interests. It’s important to ensure you seek your own independent legal and / or financial advice when needed. Visit your nearest ANZ branch to lodge or revoke a Power of Attorney today.
 

Understanding Powers of Attorney (POA) is crucial for managing your financial and legal matters, especially in unexpected situations.

This guide explains the basics of POA in Australia, the types available, and how to lodge one with ANZ.
 

What is a Power of Attorney?

A Power of Attorney (POA) is a legal document that allows you to appoint a trusted person to manage your financial and legal matters on your behalf. This can be especially helpful if you are unable to handle these responsibilities due to illness, travel, or other unexpected situations.
 

General Power of Attorney

A General Power of Attorney grants someone the authority to make financial and legal decisions on your behalf. A General Power of Attorney can be put in place for a specific period of time and, in a number of circumstances, e.g. while you are travelling overseas. This type of POA becomes invalid if you lose the capacity to make decisions.
 

Enduring Power of Attorney

An Enduring Power of Attorney remains effective even when you are unable to make decisions. An Enduring Power of Attorney will allow your attorney to make decisions if you become unable to do so. This will ensure that your chosen representative can continue to manage your affairs without interruption. This type of POA is particularly useful for long-term planning, providing peace of mind that your financial and legal matters will be handled according to your instructions. 
 

Responsibilities of an Attorney

Act in the principal's best interests

The attorney must make decisions that are in the best interests of the principal, considering their wishes, values, and circumstances. Protect and manage the principal’s affairs responsibly and act in good faith while also protecting the principals confidentiality.
 

Maintain accurate records

Keep detailed records of all interactions and transactions.
 

Avoid conflicts of interest

Ensure there are no conflicts between your interests and those of the principal.
 

Separate finances

Keep the principal’s property and money separate from your own and not use the principal's funds for personal gain.
 

Administration (financial management)/Guardianship order

Administration (financial management) order

A person appointed as an 'Administrator' has authority over an individual's property and estate (including bank accounts). A Guardian and Administrator may be different people or the same person.

An Administration order can be requested by someone genuinely concerned for the welfare of a person (legally known as a ‘protected person’) who cannot manage their own financial affairs or, for the purposes of supporting a person who may have difficulty in managing their own affairs.

Administration (financial management) orders are issued by a tribunal. The appointed person must:

Be an individual, 18 years old or older; or State trustee or corporate trustee; and have the authority to manage all financial affairs.
 

Guardianship order

A person appointed a 'Guardian' has all the powers and duties to act for the physical wellbeing of the protected person. This may include making decisions on accommodation, health and lifestyle. A Guardian and Administrator may be different people or the same person.
 

How to lodge a Power of Attorney or Administration (financial management) / Guardianship order

You can lodge a Power of Attorney, Administration (financial management) or Guardianship order at any ANZ branch. We can only grant account access to attorneys who have visited an ANZ branch and have been properly identified. Book an appointment at your nearest branch.
 

What to bring into the branch

• Original or Certified copy: "Your Power of Attorney, Administration (financial management) or Guardianship order document."
  
  
• Proof of identification: Refer to the proof of identification document for acceptable identification types.
   

How to revoke a Power of Attorney

Revoking a Power of Attorney can be done by visiting an ANZ branch. Once we receive the necessary information, we will restrict access to the account until the attorney has been removed.
 

Legal terms, explained

• Financial and legal matters: Refers to handling money, personal property and legal decisions.
  
  
• Capacity: The ability to make decisions and understand the effects of those decisions.
  
  
• Principal: The person who grants the authority to another person (the "attorney") to act on their behalf, typically for financial and legal matters.
  
  
• Certified copy: A certified copy is a copy of an original document that has been officially confirmed as being a true and correct replica. Documents can be certified by an authorised representative, based on State or Territory requirements.