What is a Power of Attorney?
A power of attorney is a legal document a solicitor prepares. The document made by you (as Principal) appoints an attorney or attorneys of your choice, usually a close family member or friend, to act on your behalf to operate bank accounts, to spend your money on your behalf, to transfer or sell your interest in real estate or shares and to sign almost anything you can legally sign. It cannot be used once you die.
A power of attorney is therefore an important and powerful legal document.
Our standard power of attorney is for use in New South Wales only. If you need a power of attorney for interstate or overseas, we will need to make a power of attorney under the appropriate state law or refer it to another solicitor to prepare.
What is an Enduring Power of Attorney?
Most power of attorneys are enduring which means it continues after you lose mental capacity. This means it can be used to manage your affairs if you have lost the ability to deal with your own financial affairs.
Example: After your mother’s unexpected death last year you are worried about your father’s state of mind. He is in his early 80’s, has always been an apt businessman but has mentally suffered more than you expected from your mother’s death. Luckily he has an enduring power of attorney and has appointed you and your sister as attorneys. You can both take over payment of his regular expenses and making sure he has enough money in his account from other sources to ensure he is financially in good shape.
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