What is a Power of Attorney?
A Power of Attorney is a legal document appointing a person or trustee organisation of your choice to manage your money and financial affairs while you are alive. This person or organisation is then known as your attorney.
In order to make a valid Power of Attorney you must be 18 years or over and have the capacity to understand the nature and effect of the appointment.
Importance of a Power of Attorney
You may be travelling overseas and want your attorney to use your bank accounts to pay your bills while you are away. It can be useful to give someone a Power of Attorney if you are unwell and can longer manage your financial affairs. You will not lose control over your financial affairs, and your attorney must manage your financial affairs according to your instructions. A Power of Attorney only deals with property and financial matters, and your attorney can sign legally binding documents on your behalf. It does not give someone the right to make decisions about your health, medical treatment or welfare. These decisions are covered by Enduring Guardianship.