If you don’t have an enduring power of attorney in place and you lose capacity to make and communicate decisions for yourself, the chance to appoint someone yourself no longer exists and a financial management order will be required.
An enduring power of attorney should be used to put a lasting formal arrangement in place, including: Planning for future incapacitation due to illness or injury. In anticipation of losing the ability to manage your financial affairs.
A third party authority gives another person or persons access to one or more of your bank accounts. It’s arranged directly by visiting a CommBank branch and allows the authorised person (s) to transact on your nominated bank accounts.
A power of attorney is a formal document where a person, known as the principal or donor, gives the legal authority to someone to look after their financial affairs. This authority ceases should the principal pass away.
Extended travel. Keep in mind that authorising access to your money and financial affairs increases your exposure to the risk of financial abuse and fraud.
An application for a financial management order (also known in some states and territories as an administration order) is usually made by someone with a genuine concern for the welfare of a person (known legally as a “protected person”) who is unable to manage their own financial affairs. In most cases this is a family member, friend, social worker or healthcare professional.
A financial advisor or accountant making financial transactions or investments on your behalf. A partner or family member paying your bills or looking after everyday banking. If you’re living overseas or travelling for an extended period. If you’re in hospital and unable to regularly access your banking.