What is a Power of Attorney?
A Power of Attorney (POA) is a legal document that allows you to choose someone to look after your financial affairs. In Australia, each state and territory have different legislation and requirements when it comes to POAs. When you have a POA, you are known as a ‘donor’ or ‘principal’ and the person you choose to act on your behalf is known as an ‘attorney’ or ‘donee’. There are different types of POAs that you can choose to make based on your own circumstances.
What is an Administration Order?
An Administrative Tribunal (or equivalent) in your state or territory can appoint someone to look after your financial affairs by making an Administration Order (also known as a Financial Management Order). The person who is the subject of an Administration Order is referred to as the ‘represented person’ or ‘protected person’, and the person appointed to act on behalf of the represented person is known as an ‘administrator’ or ‘financial manager’.
We’ll use Appointed Person throughout this page to describe either the Attorney or Administrator. We’ll use Attorney or Administrator where the information is specific to one or the other.
Types of Power of Attorneys and Administration Orders
Types of POAs
General Power of Attorney allows you to appoint someone to make financial decisions on your behalf. A General Power of Attorney is only effective while you still have decision-making capacity. It can be used for a specific period or during a particular event, such as travelling overseas for an extended period of time.
Enduring Power of Attorney (or an Advance Personal Plan) allows you to appoint someone to make financial decisions for you, either if you lose decision-making capacity or, even after you’ve lost decision-making capacity.
Company Power of Attorney allows the company to appoint someone to act on behalf of the company.
Types of Administration Orders
An Administration Order (or a Financial Management Order) is when someone is appointed by a Tribunal (an administrator or financial manager) to manage your financial affairs because you may not have decision-making capacity.
Powers of Attorney and Administration Orders at NAB
Find out more about lodging your POA or an Administration Order with NAB.
Why would I need someone to manage my finances?
There are many reasons why you or a Tribunal may appoint someone to manage your financial affairs. Some examples include:
- physical or mental illness or injury
- cognitive incapacity
- incarceration
- accessibility needs
- extended travel.
Amount of Attorneys or Administrators
You can set up your POA with multiple Attorneys. If you decide to appoint more than one Attorney, tell us clearly if they are to act together or separately when instructing us. For Administration Orders, the Tribunal can appoint multiple Administrators to manage your financial matters.
Your Attorneys can instruct us on your NAB accounts where they’re appointed to act:
- solely – can instruct us independently
- jointly – must instruct us together
- joint and severally – can instruct us independently or together
- majority – a majority can instruct us as described in the POA.
What account access does my Attorney have?
If there are no specific account access conditions in your POA, your Attorney can transact on your NAB transaction accounts, including ordering their own NAB debit card to access your account.
If you want to restrict your Attorney’s access to certain NAB accounts, you will need to specify which accounts your Attorney can and can’t access in your POA. We can still follow your valid instructions if you have decision-making capacity. You also need to keep in mind:
- if you're a sole trader, your Attorney may be able to access your NAB business accounts
- if you're a director of a company, your Attorney will only have access to your NAB personal bank accounts and not the company accounts.
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- choose someone who you trust to make financial decisions in your best interests
- clearly define what powers you are giving to your Attorney, including the type of NAB account access you want them to have
- make the POA in accordance with the POA requirements in your state or territory
- understand that the person you choose as your Attorney will be able to make legally binding decisions on your behalf
- understand that you have the right to revoke a Power of Attorney at any time, as long as you still have the mental capacity to do so.
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- make financial decisions in the donor’s/principal’s best interests
- seek input from the donor/principal, where possible, on their wishes and preferences
- act in line with the instructions and conditions specified in the Power of Attorney
- keep your money and property separate from your donor’s/principal’s
- keep accurate records of the decisions and transactions you make as an Appointed Person
- avoid conflicts between your duties to the donor and your own interests, or those of a relative, business associate or close friend. A conflict transaction could be gifting the donor’s money to yourself or using the donor’s funds to pay for your own expenses.
- ensure the donor’s/ principal’s money is spent only for their benefit and that you do not profit as their Attorney.
If we think there is a conflict transaction or an unusual transaction by your Appointed Person, we may put the transaction on hold and request additional information.
Frequently asked questions
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There are several examples of how a Power of Attorney can expire or be automatically revoked, including:
- once the expiry date specified in the Power of Attorney has been reached, or the transaction specified has been completed
- if you lose decision-making capacity (for General Powers of Attorney)
- if you or the Attorney pass away
- if the Attorney loses decision-making capacity
- if the Attorney becomes bankrupt or insolvent.
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If you have any concerns that your Attorney is not acting in your best interests, has a conflict of interest or is acting against your instructions in the POA, you can contact the NAB Customer Support team on 1300 308 175, Monday to Friday, 8:00am to 7:00pm (AEST/AEDT). For general account or service enquires you can contact NAB on 13 22 65.
You can cancel your Power of Attorney at any time, as long as you still have decision-making capacity and you tell us in writing. Visit your nearest branch with your written revocation. You’ll need to check if there are specific requirements for revoking your POA in your State/Territory.
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You can cancel your POA or set up a new POA but, we recommend you first seek independent legal advice.
Information and support
Lodge a Power of Attorney or Administration Order with NAB
Learn how to lodge and manage your Power of Attorney or Administration Order with NAB.
Supporting customers experiencing vulnerability
Learn about how we’re helping customers experiencing vulnerability with more support and extra care.
Accessibility and inclusion
Find out what we’re doing to become a more accessible and inclusive organisation.
Helpful resources
There are helpful guides available if you need more support with your POA or Administration Order.
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