Powers of attorney
We suggest that an enduring power of attorney is prepared at the same time as a Will.
This important legal document appoints one or more attorneys to 'stand in the shoes' of a client and enables them to withdraw money from a bank or sign any legal document on behalf of the client. It is usually used when the client is ill or loses mental capacity but it is only operative until the death of the client.
What is a power of attorney?
A power of attorney is a document which appoints an attorney, giving them the legal authority to look after your financial affairs on your behalf including dealing with your assets and make financial decisions for you, including signing documents on your behalf.
What is an Enduring Power of Attorney?
An enduring power of attorney is an appointment that gives legal authority to another (an attorney or attorneys) that continues when you lose your mental capacity through illness or accident.
What happens if I don’t have a POA and I lose my capacity?
If you lose your mental capacity through accident or illness and you don't have a power of attorney, no one has the legal capacity to deal with your assets and make financial decisions on your behalf. This could obviously have serious consequences and cause substantial disruption at a difficult time for your family. That being said, if you have a spouse and have a joint bank account, your spouse will be able to access money that way.
The NSW Guardianship Tribunal can appoint a financial manager. This can be a time consuming procedure and may provide an outcome that is not what you want.Click here to enquire about power of attorney