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 financial and legal affairs while you are alive.
Please note the laws regarding power of attorney differ in various states, so it’s important to seek professional advice in the state or territory you reside in.
Why is it important to have a Power of Attorney?
The power of attorney will enable your affairs to be managed by a person of your choice when you are unable to conduct those matters yourself.
Your Power of Attorney can also sign legally binding documents on your behalf. For instance, if you are travelling overseas and want to give a particular person access to your bank accounts to pay your bills or manage your finances, you should appoint a power of attorney.
If any of the following situations are relevant or likely to happen to you, it’s important to have a power of attorney in place:
- Travelling overseas
- You are not contactable for any reason
- Serious sickness or mental incapacity
- Voting as a proxy in meetings
- Authorising your attorney to collect debts
- Operation of your bank accounts
- Buying and selling property on your behalf
- Dealing with insurance companies or nonbank financial institutions
- Control of you business affairs
- Any other specific matter that concerns you
Who should you choose as your Power of Attorney?
You need to be able to trust your power of attorney and know that they understand your wishes and will act in your best interests.
Do you want to speak to our team about your Power of Attorney?
Quinn Lawyers can assist you in drafting your power of attorney or any of legal matter you are after advice on.
Call us on 02 9223 9166 to organise an appointment or submit your enquiry here.
