• CPD Points: 1 [PM]
  • Price: $77.00
  • Area: Administration of Estates; Elder and Succession Law; Estate Planning; Powers of Attorney; Succession Planning
  • Delivered: August 2022
Digital Content
  • Recording
  • Materials: Papers (7 pages)

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Description

ANZ Customer Advocate Lead, ANZ Bank, Kristine Daniels with Miles Farrow, Head of Legal, MyState Bank, join Alison Wiss, Senior Lawyer, McMullen Lawyers at the Elder and Succession Law Conference 2022 to discuss powers of attorney and dealing with the banks. Session content includes: POA registration systems: instructions versus requirements; ideal guidelines: content of a POA and EPA, purpose of the document; witnessing/certification requirements; duties; and that a person is deemed to have legal mental capacity unless proven otherwise, and we need to respect that by mandating proof of incapacity. It also includes consideration of key POA principles which are: 1) Protect our principal; 2)Ensure POA instructions are valid; and Ensure attorney is acting in best interests of principal. Complexities occur because of: lack of national register, states have different regimes but banks are national, and instructions can be unclear. 

Key takeaways from this discussion include:

  • Beware of potential operational difficulties in executing special conditions, and manage everyone's expectations before writing special conditions into the POA.
  • Remind Attorneys of their obligations, particularly in keeping their funds separate from Principals.
  • Banks will make meaningful enquiries if it's unclear how the Attorney's request is in the Principal's interest. If still unclear, we will block the transaction, asking the Attorney to seek legal advice.
  • CPD Points: 1 [PM]
  • Price: $77.00
  • Area: Administration of Estates; Elder and Succession Law; Estate Planning; Powers of Attorney; Succession Planning
  • Delivered: August 2022
Digital Content
  • Recording
  • Materials: Papers (7 pages)

To purchase login below

Description

ANZ Customer Advocate Lead, ANZ Bank, Kristine Daniels with Miles Farrow, Head of Legal, MyState Bank, join Alison Wiss, Senior Lawyer, McMullen Lawyers at the Elder and Succession Law Conference 2022 to discuss powers of attorney and dealing with the banks. Session content includes: POA registration systems: instructions versus requirements; ideal guidelines: content of a POA and EPA, purpose of the document; witnessing/certification requirements; duties; and that a person is deemed to have legal mental capacity unless proven otherwise, and we need to respect that by mandating proof of incapacity. It also includes consideration of key POA principles which are: 1) Protect our principal; 2)Ensure POA instructions are valid; and Ensure attorney is acting in best interests of principal. Complexities occur because of: lack of national register, states have different regimes but banks are national, and instructions can be unclear. 

Key takeaways from this discussion include:

  • Beware of potential operational difficulties in executing special conditions, and manage everyone's expectations before writing special conditions into the POA.
  • Remind Attorneys of their obligations, particularly in keeping their funds separate from Principals.
  • Banks will make meaningful enquiries if it's unclear how the Attorney's request is in the Principal's interest. If still unclear, we will block the transaction, asking the Attorney to seek legal advice.

Kristine Daniels, Customer Advocate Lead, ANZ Bank

About the Presenter:

Ms Kristine Daniels has been ANZ’s Customer Advocate Lead since 2021, based in Melbourne VIC. Her team focuses on providing Advice & Guidance regarding vulnerable customers, engaging customers / community / colleagues, and in conducting customer-focused thematic reviews. She has been leading ANZ’s efforts to review how ANZ manages Powers of Attorney. She has spent the past 20+ years in banking in Melbourne, London, and Vietnam; her previous roles include district management of retail branches, product management, strategy, marketing and organisational change.

Miles Farrow, Head of Legal, MyState Bank Limited

About the Presenter:

Mr Miles Farrow graduated from UTAs in 1989 and worked in private practice for 11 years before joining Tasmanian Perpetual Trustees Limited (TPTL) as Company Solicitor in 2001. In 2009 TPTL merged with MyState Financial Credit Union to form MyState Limited; with TPTL and MyState Financial Limited (the ADI) being wholly owned subsidiaries. Over the last 12 years Miles has undertaken various managerial roles within Risk, Legal and Compliance area in the Group. Miles is now Head of Legal and works across both MyState Bank (formerly MyState Financial Limited) and TPT Wealth (formerly Tasmanian Perpetual Trustees Limited).

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