Enduring Power of Attorney
Did you know that over 40% of Australian adults are at risk because they don't have a valid Will in place? Do you have a valid Will?
Acting as an Executor can be a confusing and stressful experience. Set out below are answers to some of the most often asked questions.
Appointing an Attorney as your Enduring Power of Attorney
An attorney is a person or people who you appoint to be in control of your assets and finances, if you are capable and/or incapable of managing your assets and finances. Your attorney can to do such things as buy or sell real estate, operate your bank accounts and/or make general enquiries on your behalf.
A General Power of Attorney only authorises your attorney to act whilst you are of sound mind. If you become incapable of managing your affairs through an accident or an illness, your General Power of Attorney, will not allow your attorney to continue acting on your behalf. You would need an Enduring Power of Attorney
So, that there is someone who can manage your assets and financial affairs, if you are incapable of managing them for yourself. If there is no one appointed, then there is the possibility of your financial affairs being placed in the hands of the Office of the Protective Commissioner.
Anyone who is over the age of eighteen. Preferably, it would be a spouse, child, children, near relative or some other significant person in your life, whom you trust.
As many as you like. Where you appoint more than one attorney, you must specify if those attorneys
Only, if you authorise them to.
When you decide. It can be as soon as the document is signed, for a defined period of time, when your attorneys sign the document or when a medical practitioner deems you to be medically incapable of managing your own financial affairs.
When you die, when it is revoked, or when it is terminated by the Supreme Court or by the Guardianship Tribunal.
Only if your attorney is buying, selling or transferring real estate on your behalf.
By instructing us to draw up the legal document for you, explaining the document to you before you sign it and by witnessing your signature, while you have the capacity to understand it. The document can then be signed by your attorneys, who don’t have to sign it the day you sign it, and kept in a safe place and used only if and when it became necessary to do so.
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