It is one of the most crucial and powerful documents you will create.
A Power of Attorney (POA) is a legal document which allows you to nominate someone you trust to look after your finances if you become incapacitated.
Your POA can manage your bank accounts, pay your bills as well as buy or sell property on your behalf. However, a POA cannot make medical decisions on your behalf or decide where you should live.
There are two types POA, enduring and general.
An enduring POA document allows you to nominate someone to manage financial and legal decisions on your behalf and continues even if you lose the ability to make those decisions yourself.
A general POA document also allows you to nominate someone to manage financial and legal decisions on your behalf but only while you also have capacity to make your own decisions; this may include them purchasing property on your behalf while you are overseas or otherwise unavailable.
Power of Attorney documents can safeguard your finances if you become incapacitated.
SCL prides themselves on our estate planning expertise, call our office today on (02) 6395 9780 to book an appointment or email us at hello@sallycallanderlaw.com.au