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A Power of Attorney is a legal document that allows you to give authority to one or more nominated people to make financial and legal decisions on your behalf. The Power of Attorney includes dealing with your assets, debts and finances (for example, operating your bank account and buying or selling property on your behalf).
While the powers given under a general Power of Attorney cease when you have lost mental capacity, the powers given to an attorney under an Enduring Power of Attorney continue beyond your loss of capacity. Each document has different signing requirements.
The powers given to your attorneys can be broad or limited to specific tasks or time frames. You can also give your attorneys additional powers (for example, to enable them to use your assets for the benefit of someone other than yourself) or set limitations on the authority given to your attorney (for example, restricted to selling a specific property).
You must have the required mental capacity to put a Power of Attorney in place. Having a validly signed Enduring Power of Attorney ensures that if you lose capacity, there is someone you trust who can manage your affairs for you. If you do not have an Enduring Power of Attorney and decisions need to be made for you, then an application can be made to the NSW Civil and Administrative Tribunal to appoint a financial manager for you. However, the appointment of the financial manager can take some time and the person ultimately appointed may not be the person you would have chosen to act in your best interest.
Liability limited by a scheme approved under Professional Standards Legislation
Disclaimer: This post contains information of a general nature only and is not intended to be used as advice in relation to a specific matter. Although every care has been taken in preparing the document, it may not be accurate or complete, particularly in the context of specific circumstances. MJM Lawyers disclaims responsibility for any errors or omissions.
