What is a Power of Attorney?
A Power of Attorney is a legal document which gives another person or a trustee organisation the power to manage your financial and legal affairs. The person of your choosing is appointed and then is known as your attorney.
The person you choose must be 18 years of age or over and fully understand the nature of the appointment in order for your Power of Attorney to be valid.
What decisions can my attorney make on my behalf?
Your Attorney can only deal with property and financial matters. They may sign legally binding documents on your behalf.
You can give your Attorney access to your bank accounts to manage your finances and pay bills on your behalf, however this will not mean you lose control over your financial affairs. A Power of Attorney gives the appointed person authority to manage your financial affairs according to your instructions.
Your Attorney cannot make decisions about your health, welfare or any medical treatment.
It does not give someone the right to make decisions about your health, medical treatment or welfare.
How do I create a Power of Attorney?
In order to create a Power of Attorney you must complete a form which must be witnessed by a legally valid witness. A witness can be:
- A solicitor or barrister
- A Registrar of a NSW Local Court
- A licensed conveyancer
- An employee of NSW Trustee and Guardian or a Private Trustee company
Your Power of Attorney is a very important legal document. It must be tailored to meet your specific needs and thus is it highly recommended that you have a solicitor draft the document for you.
Who should be my Attorney?
It is important to choose your Attorney carefully. You need to be able to trust your Attorney and know that they understand your wishes, have the skills to manage your finances and will act in your best interests.
It is also important that you believe your Attorney to have no conflicts of interest and that they are impartial. Above all, you should feel confident in how your Attorney will handle your affairs.
What is the difference between ordinary and enduring Powers of Attorney?
An ordinary Power of Attorney is only valid while you have capacity. However, an enduring Power of Attorney means your attorney can still manage your affairs even after you have lost the capacity to manage them.
Can I change my Power of Attorney?
You may revoke or cancel a Power of Attorney at any time provided you have capacity to do so.
In order to revoke a Power of Attorney, you must tell your attorney that you intend to bring their appointment to an end. You should revoke your appointment in writing.
It is also important to notify your bank and other relevant businesses which your Attorney may have been dealing with that the power has been revoked.
If you had registered your Power of Attorney it is also important the revocation is registered.
Once the Power of Attorney has been revoked, you should destroy the original and any copies of the Power of Attorney document.
Contact us
If you are thinking of appointing an Attorney under a Power of Attorney document, then it is important to seek expert legal advice as quickly as possible. Contact Szabo & Associates Solicitors today and speak with one of our specialist solicitors. Call us on (02) 9281-5088 or fill in the contact form to the right of this page.