Financial Administration & an Enduring Power of Attorney

If someone over 18 years old is having difficulty managing their financial affairs due to a disability or impaired decision-making ability, the Tasmanian Civil and Administrative Tribunal (the Tribunal) can issue an administration order.

In contrast, an enduring power of attorney is a legal document where an individual appoints another person/ or a statutory trustee company (such as the Public Trustee) to manage their financial affairs if their decision-making ability was impaired or they no longer wanted the responsibility.

The distinct advantage of an enduring power of attorney is that it allows you to choose who will manage your financial affairs. In order to make an enduring power of attorney you need to have the necessary mental capacity to understand the meaning and effect of the document.

The Tribunal will not appoint an administrator if there is a valid enduring power of attorney in place UNLESS the attorney is not acting in the best interests of the person concerned.

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