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  1. 5th April 2016, 02:23 PM #31
    cava
    cava is offline GOLD MEMBER
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    Quote Originally Posted by rsser View Post
    When you draft one of these it's always worth including a clause that it applies only when you are no longer competent to make decisions as certified by your medical practitioner.
    Involving a medical practioner is not necessarily a good idea. I write from experience of the last few years and currently.

    My Dad has the beginnings of dementia and floats in and out at random times and also has paranoia. We noticed this two (2) years ago and discussed it with the local doctor and got a geriatrician involved. Both could not see that his problem(s) were in fact a 'problem'. My Dad is a very good cameleon when it suits him.

    In that period, due to his paranoia, he changed his power of attorney giving all the power to the medical profession. These are the same people who are hamstrung by legal requirements that in many regards failed my Dad. We and others, saw person after person abuse him financially, yet could not legally help him. $1,000's have been lost.

    He has given away some very valuable items and tools, and it is heartbreaking especially the personal items.
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  3. 5th April 2016, 06:33 PM #32
    rsser
    rsser is offline Hewer of wood
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    There are so many ugly situations that develop in these circumstances.

    Not even a will is legally binding in fact. It's an expression of wishes that carries a lot of force but can be challenged in the courts.

    In the case of a legal representative (an agent with PoA) who you think is not acting correctly (and the expectations of them are set out in Victoria anyway) if memory serves they can be challenged and the power assumed by the Guardianship Board (again in Vic).

    Of course you don't want it to get this bad.

    As an aside, everyone should check their super docs to see if they have nominated a beneficiary. Some funds accept binding nominations, others only non-binding. This can take part of your assets out of the realm of family squabbles.

    As Ian said, to protect the rest it's a matter of having a trust set up. A testamentary trust can be a way of allowing benefits to flow to someone that they don't themselves control (you may feel they're not good decision makers) and that are kept safe from creditors and spouses/partners.
    Cheers, Ern
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