Enduring Powers of Attorney – what you need to know
An enduring power of attorney is a document that allows you to appoint someone to make personal or financial decisions on your behalf. In contrast to a general power of attorney, the enduring power of attorney remains effective even once you lose capacity (i.e. once you are unable to make decisions for yourself).
When choosing an attorney, it is important that you find someone that is reliable and trustworthy. This is because an attorney has the ability to manage your bank accounts, pay your bills or even sell your family home. You may appoint more than one attorney at a time and also have the option of appointing a substitute attorney. The substitute attorney will be able to act on your behalf in the event your original attorney passes away or renounces their position.
When appointing an attorney, you have the option to vary the power granted. For example, you may wish to limit your attorney’s power to only managing certain bank accounts or share portfolios. This may be a suitable option for you if there are certain assets you do not wish your attorney to have control over.
Under the enduring power of attorney form, you also have the choice of when you want your attorney’s power to become operational. You may wish for your attorney’s power to become operation as soon as they accept their appointment or once a medical practitioner considers that you are unable to manage your affairs.
It is important to remember that the prescribed enduring power of attorney form does not revoke previous powers of attorney made by you. It is possible to have several powers of attorney operating at the same time. If you wish to revoke a previous power of attorney, you must do so in writing. The notice of revocation must be given to your attorney and any banks or other institutions that have been provided with the power of attorney.
If you require any further information or assistance in relation to your enduring power of attorney, please contact our team of lawyers at The Quinn Group on (02) 9223 9166 or submit an online enquiry form today.