Wills and Estates : Enduring Powers of Attorney

We can not predict when we lose capacity to manage our own affairs but we can always plan ahead by formal arrangements for example having a Power of Attorney.

Powers of Attorney Act 2003 is the law that governs the power of attorney in New South Wales.

A Power of Attorney is a legal document given by one person appointing another person to act on behalf of that person in relation to financial affairs that is but not limiting to accessing bank accounts and dealing with investments. Therefore it is very important to appoint someone you can trust. You can appoint more than one attorney and they may be appointed either jointly and/or severally.

The Powers can be general or only for specific circumstances, these powers will terminate if the principal loses mental capacity. The Power of Attorney can also be for a short term appointment for example the Principal is going overseas for a short period.

Enduring Power of Attorney requires that the document be made when you are of sound mind and it differs from general powers of Attorney in a sense that it will continue to operate if the Principal loses mental capacity. The Attorney must accept the appointment before the Power of Attorney can be effect and your signature on the document is witness by a person such as a Solicitor, Barrister or Local Court Registrar. The intention for the enduring Power of Attorney to continue is stated in the document. The person witnessing your signature must also sign a certificate to complete your understanding of the document.

A Power of Attorney can be cancelled at anytime while you have capacity to make decisions; to do this you must revoke the Power the Attorney in writing to the Attorney.

Although you can prepare the Power of Attorney, it is advised that you should instruct a Solicitor to draft the documents so that it covers exactly what you intend it to be. The Solicitor will prepare and explain the document of the Power of Attorney and arrange the necessary signature(s). It is a very important legal document that you as a person must consider carefully and knowing you have an attorney to deal with your financial affairs will provide you with a peace of mind.

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