A Power of Attorney is a legal document which enables you to appoint another person as your attorney to make decisions or sign any documents on your behalf in relation to financial and/or health and personal matters. You can appoint more than one attorney and also set out clear guidelines, conditions or limits in relation to how and when your attorney can use their powers.
Why would I need a Power of Attorney?
You may not always be in a position to make decisions or sign documents in relation to your financial and/or personal and health matters because of illness or injury leading to a loss of capacity or simply because you are overseas or interstate. If you are concerned that you will not always be in a position to make these types of decisions or to sign documents, you need to consider having a Power of Attorney. Examples of when you may need a Power of Attorney are:
- If you are planning to travel or work overseas for a period of time
- If you will need your bills paid or any documents signed while you are away
- If you are ill or about to have any operations or medical procedures
What type of Power of attorney should you use?
There are two types of Power of Attorneys which you may consider:
General Power of Attorney
– these enable you to appoint someone to make financial and legal decisions on your behalf in relation to a specific or distinct event. For example, you may wish to appoint a relative to act as your attorney to manage your financial affairs whilst you are overseas or interstate.
Enduring Power of Attorney
– these allow you to appoint someone to make decisions about your financial and/or personal health matters while you have impaired capacity.
Why you should make an enduring power of attorney?
You should make an enduring power of attorney if you are 18 years of age or over and have the capacity to understand the nature and effect of the power you are giving to your attorney. If there comes a time when you are unable to manage your own affairs, it may be too late to make your wishes clear to those who will care for you.
Contact our experienced Wills and Estates Lawyers to make your Power of Attorney today.