Power of Attorney:
A Power of Attorney is a legal document that individuals use to allow another person to make decisions on their behalf regarding aspects in their life, such as their finances, business, and personal matters (excluding medical and health-related decisions).
Depending on your situation, you have the option to create either a General or Enduring Power of Attorney and add specific directions for the Attorney, limit certain decisions that can be made or set conditions that need to be met before any action can be taken.
A Power of Attorney has a Donor and an Attorney. The Donor is the person executing the Power of Attorney, the Attorney is the person appointed to make the decisions based on what the Donor states in their Power of Attorney document.
The Donor and Attorney need to be of sound mind, be 18 years of age or older, not bankrupt, and obey the terms the donor sets out.
General Power of Attorney:
A General Power of Attorney is used when a Donor is able to make decisions for themselves but can’t due to unavailability, this can include purposes such as where you travel a lot and need someone local to execute documents on your behalf. This is used when the document is fully signed, and the date parameters have been met. This document ends on a date mentioned in the document, when it is revoked, or if the donor becomes incapacitated.
Enduring Power of Attorney:
An Enduring Power of Attorney is used when the Donor is unable to make their own decisions due to incapacity. For example, you may create the document for instances when you may get Dementia/ Alzheimer’s disease and cannot act for yourself. The document will outline the terms on which the Attorney may act and when they can act.
The Power of Attorney is then stored in Safe Custody. Certified copies can then be provided to clients upon their request. The Power of Attorney is not a registered document, but if the Attorney wishes to complete a real estate transaction, it must be registered with the Land Registry Services of New South Wales.
Both documents are advisable to have when you reach the age of forty-five (45) or above. This ensures that if any sudden changes in your life occur, the Power of Attorney will protect your affairs, and ensure that your best interests are at heart.
You can appoint multiple Attorneys, the Power of Attorney document can include terms to ensure if one Attorney cannot act, a substitute may act.
RN LEGAL has assisted many clients with Power of Attorneys. RN LEGAL has the experience, expertise, and resources to help you with such matters. Contact RN LEGAL on (02) 9191 9293 or [email protected] if you, or someone you know, requires advice or assistance in relation to any aspect of a Power of Attorney.