A Power of Attorney is a legal document that appoints a person (or people) as the attorney-in-fact and gives the power to act for another person. The Attorney then manages the assets and makes financial and legal decisions on behalf of the person who cannot do so themselves.
2 Types of Power of Attorney
- Enduring Power of Attorney is a legal document that allows to appoint a person(s) that manages your financial and legal decisions on your behalf and continues even if you lose the ability to make decisions for yourself.
- General Power of Attorney is a legal document that, only while you can make your own decisions, allows you to appoint a person(s) to manage financial and legal decisions on your behalf.
Why do you need a Power of Attorney?
At any time because of illness, injury, or disability, there is a chance that you will suffer from temporary or permanent loss of capacity. A Power of Attorney that is executed reduces the risk of having a court or tribunal appointed person manage your finances.
Who should I choose as my attorney?
An attorney must be 18 years old and have capacity to make relevant decisions. Your attorney can be a:
- Family member
- Close friend
- Solicitor
- NSW Trustee and Guardian or a trustee organisation
What can a Power of Attorney do?
A Power of Attorney can be used for almost any financial purpose including:
- Signing legally binding documents
- Operating bank accounts
- Paying bills
- Buying and selling real estate
- Managing investments
- Collecting rent
In NSW an attorney can only make financial and legal decisions. For someone to make healthcare, lifestyle, and medical decisions you can appoint an Enduring Guardian.
If you or someone you know wish to discuss this matter further, then please contact our experienced solicitors at 02 8999 9809 for assistance.