A Power of Attorney is a document whereby a person (an Appointor) can nominate one or more persons to act on their behalf in respect of their legal and financial affairs. Essentially, an Attorney can stand in the Appointor’s shoes and do anything on their behalf that the Appointor could do, including accessing bank accounts, buying and selling property and shares and dealing with superannuation.
An Attorney must act in the best interest of the Appointor and will be liable for misuse of the power entrusted upon them.
An Enduring Power of Attorney continues to operate when the Appointor lacks the mental capacity to make legal and financial decisions.
The appointment can begin immediately, at a nominated time or when a medical practitioner deems that the Appointor needs assistance in managing their affairs.
Attorneys can be appointed “jointly”, which means they must agree on any decision made or “jointly and severally”, meaning that one Attorney can act without the other.
For more information on Power of Attorney contact Krystle Wolthers on (02) 4626 5077 or email Krystle on firstname.lastname@example.org