Power of Attorney
It is widely recognised by our society that making a Will is an extremely important task that one should undertake in their lifetime however the importance of appointing powers of attorney is generally not well understood and simply overlooked.
Powers of attorney allows you to nominate a person that would handle your financial affairs on your behalf in the event that you are not able to. Powers of attorney can be appointed in a variety of circumstances, for example:
- If you are looking to travel overseas or interstate for extended periods of time;
- If you lose capacity to make financial decisions; and/or
- If you would like someone else to handle your financial affairs in order to reduce the stress and the burden associated with handing financial paperwork.
Who should I nominate to act as my power of attorney?
It is important that a person who is nominated to act as your power of attorney is someone whom you can trust and who shares similar beliefs to you. The nominated power of attorney does not need to hold any formal qualifications and can be a family member.
Ideally two powers of attorney should be nominated, the primary power of attorney and a substitute power of attorney. In the event that the primary power of attorney is not willing or able to act on your behalf when required, the substitute power of attorney will still be able to act on your behalf in relation to your financial affairs.
The next step after you have made the decision about your nominated power of attorney is to ensure that the documents are correctly completed Our team of solicitors are able to provide expert advice in this area ensuring that the documents are valid and can be relied upon when required. Contact us to book your appointment.