POWER OF ATTORNEY
What is a power of attorney?
A Power of Attorney is a document that appoints someone to make financial decisions on your behalf. You may appoint an attorney in various situations. A common example of an attorney being appointed is for when you lose mental capacity to make your own decisions, or if you are travelling overseas for an extended period.
What is the difference between a “general” and “enduring” Power of Attorney?
There are two main types of Attorneys namely, an Enduring Power of Attorney and a General Power of Attorney. An Enduring Power of Attorney will stay in place if you lose mental capacity whereas a General Power of Attorney will automatically lapse if you lose mental capacity.
Why would I want a Power of Attorney?
Powers of Attorney can be used by the Attorney to act on any legal or financial matters on your behalf if you are not able to. Examples of reasons include;
- Overseas travel, while you are selling a property;
- Needing your bills paid while you are temporarily hospitalised; or,
- Allowing a trusted family member or other person to manage your bills and affairs as you get older.
Contact Carter O’Neill Legal today to appoint an Attorney that you trust to sign important documents on your behalf, make financial decisions and provide you with a peace of mind knowing your financial affairs can be looked after.
