Power of Attorney
Have you considered who would manage your financial affairs should you ever lose the capacity to do so for yourself?
An Enduring Power of Attorney is a very important legal document that enables a person or persons to make decisions on your behalf in relation to all of your financial and legal matters after you have lost the capacity to operate your financial affairs during your lifetime.
Whereas, an ordinary Power of Attorney (also known as a “General Power of Attorney”) can only be used by your attorney to manage your financial affairs while you still have the capacity to do so. A General POA cannot be used by your attorney after you lose the capacity to run your own financial affairs.
Functions of a Power of Attorney
A Power of Attorney (POA) document essentially gives your nominated attorneys the authority to access your bank accounts to pay bills, receive income on your behalf, lodge taxation income returns, seek financial advice in relation to income investments, including property management, share portfolios and any contractual issues.
A Power of Attorney is a position ‘of trust’ at law. Your power of attorney(s) must never abuse their powers, or take advantage of your finances solely for their own personal benefit or financial gain. Should your Power of Attorney take advantage of their appointment, they may face criminal charges, and risk prosecution in the Supreme Court.
Appointment of a Power of Attorney
When considering who you would like to nominate as your attorneys, generally, you need to think about who you would trust to manage your finances. Also, whether that person or persons have an understanding of the nature of your financial matters, particularly if they are extensive or complex. In view of COVID 19 restrictions, the location as to where your proposed Power of Attorney’s live may also be a relevant factor to consider.
If you would like to prepare a Power of Attorney document, Anne-Alece is more than happy to provide sound advice and assistance in relation to:
Appointment of your Power of Attorney
Who can witness a Power of Attorney
Duties and responsibilities of your attorney(s)
What powers you can give your attorneys
How to revoke your Power of Attorney
Interstate Enduring Power of Attorneys to be used in NSW
Maintaining your Power of Attorney documents
Please contact Anne-Alece at Northern Rivers Law to make an appointment in relation to your Power of Attorney on: (02) 6669 1071