Power of Attorney Solicitor Services in NSW - Enduring, Limited, Temporary or Medical
Power Of Attorney For NSW
An enduring power of attorney gives the appointed person control of your financial decisions from the designated commencement event or date, even if you were to lose mental capacity. This can offer peace of mind now, knowing that your financial affairs will be taken care of, when you are no longer in a position to manage them yourself.
Deciding whether to have an enduring power of attorney naturally requires careful consideration. There are a number of ways we can suggest to help minimise the risk of any misuse of powers. We will advise you on whether an enduring power of attorney is appropriate in your circumstances, and if so, make all arrangements to put it in place.
Benefits of putting a Power of Attorney in place at an early stage:
- You can decide who manages your finances while you still have the capacity.
- It is easier and less expensive to do so, while you are still capable of making decisions.
- When correctly prepared, it is legally binding and must be adhered to.
- It provides your family and loved ones with peace of mind.
- Your financial affairs can be managed effectively should you lose capacity in the future.
See below for more information on important issues to consider when creating a Power Of Attorney.
Choosing Your Finance Manager
A Power of Attorney (POA) is a document which allows you to appoint a person (the Attorney) to make decisions on your behalf. Nominating an Attorney is an important way of ensuring your financial security. As your attorney can do such things as buy or sell real estate, operate your bank accounts and/or make general enquiries on your behalf, it is essential you appoint someone you can trust with your financial affairs.
Making Timely Decisions
Powers of Attorney can be appointed to make timely decisions on your behalf. For example, if you went overseas, you could give someone your POA to handle the sale of your home. For the most part, a POA is more often used as a safeguard to ensure that another person can step in and complete day to day tasks on your behalf. For instance, if you became very ill and could not sign your name on your joint bank account, giving POA to your partner can avoid unnecessary anguish and hassle.
The Importance of a Correctly Prepared Power of Attorney
It is vital that the Power of Attorney documents are drafted correctly in accordance with the legislation applicable. If you don’t have an Enduring Power of Attorney or one that is invalid and you become of unsound mind, you will be in a difficult position. If you lose capacity and can no longer manage your financial affairs, no person automatically has the right to manage your assets. Not even if they are your husband or wife.
Peace of Mind and Security
Loss of mental capacity can affect anyone, not just the elderly and infirm. Sometimes accidents, illnesses or permanent disability can strike without warning. A Power of Attorney can give your family and loved ones the peace of mind and the security of having your legal wishes and affairs in order.
Joseph Trimarchi & Associates will guarantee the correct preparation of Power of Attorney documents in accordance with the provisions of the Conveyancing Act. Our expert team will guide you through the process giving you and your family full protection and certainty.
Loss of Capacity and Financial Management
If something was to happen to you, like an accident or a stroke for example, and you were no longer able to communicate and understand, you would no longer have the legal capacity to make decisions. It is too late to give Power of Attorney if you don’t have the legal capacity to understand the document itself and make an informed choice.
A person who has suffered an irreversible condition, such as dementia or brain damage, may be unable to give Power of Attorney. This has far-reaching implications over the financial management of your estate. It is critical that a Power of Attorney is appointed while you have the capacity to do so, in order to protect your financial and personal interests.
Types of Power of Attorney
There are two types of Power of Attorney
- General Power of Attorney
- Enduring Power of Attorney
An ‘Enduring’ Power of Attorney is the most common type and widely used as it endures and lasts, even if you, the person giving the Power of Attorney, are of unsound mind.
By contrast, a general Power of Attorney ceases to have effect when you become incapacitated or otherwise incapable of giving instructions to your Attorney. This is a protection given automatically by the law. If you suffer a loss of legal capacity, you cannot cancel a POA you have given, so the law does it for you.
An enduring POA, on the other hand, continues to have effect once you become incapacitated. Most people request an Enduring Power of Attorney so that it continues to be valid after the point in time of unsoundness of mind. Such power requires special wording, and the law requires that it MUST be explained to you by your lawyer before you sign. Joseph Trimarchi & Associates can assist with this.
You should also be aware that an Enduring Power of Attorney becomes void when you die.
Can a Power of Attorney be tailored to suit my needs?
The Power of Attorney document allows for variations that our team can guide you through. For example, you may want a Power of Attorney to come into effect from a certain date, or the date you sign it. Or you may wish for it to come into effect only if you suffer a loss of legal capacity.
You can also appoint more than one person to act as your Attorneys, either independently or together and you can choose another person as an alternate Attorney, should your preferred person be unable to assist with the responsibilities required.
When does my Power of Attorney End?
Your Power of Attorney ends when you die, or when you revoke it or if it gets terminated by the Guardianship Tribunal or Supreme Court.
How can I stop the person I appoint as my Attorney from taking advantage of me?
You are able to place limits on how your Power of Attorney is to be enacted. For example, you can restrict your Attorney from signing a document which allows them to receive a benefit. A Power Of Attorney may also be conditional upon your doctor to provide a medical certificate to state that you have suffered a loss of capacity through unsoundness of mind.
How do I appoint a Power of Attorney in NSW?
There are many ways our team at Joseph Trimarchi & Associates, can draft a Power of Attorney. Our experienced legal team will gladly discuss your options and prepare all documents according to your personal requirements. A thorough explanation will be given of all documents before you sign, giving you the peace of mind that your interests are safeguarded for future events.