Powers of Attorney
A Power of Attorney is an authority for a family member or someone you trust to act on your behalf in health or financial matters.
There are two types of Powers of Attorney:
- General Power of Attorney
- Enduring Power of Attorney
A General Power of Attorney authorises someone to act on your behalf in financial matters in your absence. This often happens, for example, if you are taking an extended trip overseas and you need someone to undertake a financial transaction on your behalf such as selling a property or making a financial decision on your behalf. A General Power of Attorney is often temporary and can be revoked when the reason for putting it in place ceases to exist.
An Enduring Power of Attorney is usually established in the event of serious illness or accident involving a loss of legal mental capacity. An Enduring Power of Attorney authorises a nominated person to act on your behalf in relation to financial matters, as well as matters relating to your health, care and well-being. They are often used by elderly people suffering Alzheimers or Dementia who are no longer able to make decisions for themselves.
Clients are encouraged to prepare a Power of Attorney at the same time they prepare a Will. BigLaw can provide you with all the information you need to make a decision about preparing a Power of Attorney.
This will include:
- What type of Power of Attorney best suits your requirements
- Specifying the types of decisions the Attorney you nominate can make on your behalf
- Appointing an Attorney
- Whether you wish an Enduring Power of Attorney to take effect immediately, or be invoked upon some future event, such as loss of legal mental capacity
- Whether you wish the Enduring Power of Attorney to be registered
- Advice on what to do if you suspect your Attorney is acting improperly
- Revoking a Power of Attorney