A Power of Attorney is a legal document that gives a person, or trustee organisation the legal authority to act for you to manage your assets and make financial and legal decisions on your behalf.
There are two types of Power of Attorney documents:
1. Enduring Power of Attorney: A legal document that allows you to appoint a person(s) to manage financial and legal decisions on your behalf and continues even if you lose the ability to make decisions for yourself.
2. General Power of Attorney: A legal document that allows you to appoint a person(s) to manage financial and legal decisions on your behalf, only while you have the ability to make your own decisions.
It is a good idea to have a Power of Attorney in place in case something happens to you and you suffer from temporary or permanent loss of capacity.
This could happen at any time because of illness, injury or disability.
If you do not have a Power of Attorney in place, a court or tribunal may appoint someone to manage your finances.
You can also appoint an attorney to pay your bills and manage your finances for many reasons, including if:
- you're travelling or living abroad
- you temporarily or permanently lose capacity through illness, injury or disability
- you wish to have someone else with experience to manage your finances.
You can use a Power of Attorney for almost any financial purpose including:
- signing legally binding documents
- operating bank accounts
- paying bills
- buying and selling real estate
- managing investments
- collecting rent.
In NSW, an attorney can only make financial and legal decisions.
You can appoint an Enduring Guardian to make healthcare, lifestyle and medical decisions for you.
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