Powers of Attorney

Powers of Attorney Lawyer.

What you need to know.

What is a Power of Attorney?

A Power of Attorney gives authority to the person(s) you nominate to look after your finances while you’re alive. This can be for a matter of convenience or a life easing measure.

The attorney(s) appointed under a Power of Attorney are person(s) who have authority to step in your shoes and sign whatever financial documents are needed.

A Power of Attorney gives authority to the person(s) you nominate to look after your finances while you’re alive. This can be for a matter of convenience or a life easing measure.

The attorney(s) appointed under a Power of Attorney are person(s) who have authority to step in your shoes and sign whatever financial documents are needed.

This includes buying and selling property, taking out loans, withdrawing and depositing monies, paying your bills.

This can make some people nervous. “Giving authority to deal with my finances? I don’t think so!” Just because you give authority to a family member or someone you trust to help you doesn’t mean that you can no longer make decisions for yourself.

What types of Power of Attorneys are there?

You have the choice of making your Power of Attorney effective immediately – or only effective in particular circumstances – or only effective if you lose capacity to manage your financial affairs.

What is a General Power of Attorney?

General Powers of Attorney can be prepared so that an attorney can sign a document ONLY while you have mental capacity. This is useful if you travel or find it difficult to deal with paperwork – or if you’d rather spend your time on a beachside resort and let others deal with paperwork. These Powers of Attorney can be prepared so they deal with all financial matters or only a particular matter (e.g. buying/selling a particular property).

What is an Enduring Power of Attorney?

Enduring Powers of Attorney do everything a General Power of Attorney does and more; this document will continue to have effect even if you lose mental capacity, at which time no one else will be able to sign documents for you. Quick tip: if you trust who you appoint (and you absolutely need to trust them), then this is the best option.

Who should you appoint under a Power of Attorney?

“With great power comes great responsibility” (turns out Spiderman did have valuable teachings!). This is why you should not only appoint attorney(s) you trust completely but why attorneys are subject to criminal penalties if they abuse their powers. A Power of Attorney gives accountability for your attorneys actions; this is not the case when you add someone as a signatory on your bank account.

Will my Power of Attorney expire or need to be renewed?

Unless your Power of Attorney is legally revoked by you, it will generally continue to be able to be used.

Marriage and divorce do NOT revoke Powers of Attorney so if you have separated since you have made a Power of Attorney you may wish to revoke it if in favour of your ex-spouse.

While you have mental capacity you can revoke a Power of Attorney and prepare a new one. A new Power of Attorney does not revoke a previous one; you need to prepare a Revocation of Power of Attorney document to revoke one and provide a copy to the attorney(s).

How can I use a Power of Attorney for property?

You can register your Power of Attorney with the Land Titles Office (NSW Land Registry Services) so it can be used to buy/sell property and, in some cases, shares. It does not need to be registered to be valid or to be used for other assets.

What if I don’t have a Power of Attorney?

It is important to get a Power of Attorney in place before you need it. If you lose capacity, you cannot sign legal documents and no one else can legally sign documents on your behalf.

Despite popular opinion, your spouse or children don’t automatically have the legal authority to make financial decisions for you or sign the legal paperwork on your behalf if you are incapacitated. They would need to be appointed as an attorney under your Power of Attorney. You may already have been asked by your treating doctor if you have a Power of Attorney or Enduring Guardianship document. This is because if you need a Power of Attorney and don’t have one, your family may not be able to make decisions on your behalf: they may not be able to withdraw monies to pay your bills, they may not be able to arrange or pay for in home care, respite care or residence at an aged care facility. This leaves your family in a position where their only alternative is to apply to NCAT NSW Civil and Administrative Tribunal for Financial Management Orders.

How much does a Power of Attorney cost?

We offer fixed fee pricing so you know what you’re up for upfront and with full transparency. We have a blackboard pricing list for all our legal services, including Estate Planning documents such as Powers of Attorney, Enduring Guardianships and Revocation documents that can be accessed here.

Why choose Copeland Estates Legal to be your Estate Planning Lawyer?

Copeland Estates Legal provides legal advice and documents prepared by an experienced lawyer who deals exclusively in Estate Planning law and Deceased Estates law. You know, the whole life cycle. And so you know you are getting the best result and protection for you and your family – getting estate planning documents in place to future proof your family is not an afterthought for us, it is the bees knees, the be all and end all, our nirvana.

And unlike traditional law firms, we look after you from the comfort of your own home. We are online for your convenience. No need to carve out a section of your busy day to drive to a stuffy lawyer’s office and wait for them to get around to seeing you. We use everyday, accessible technology – such as zoom, phone, email – to meet you, get to know you, listen to your fears and and goals, provide you with the right legal advice and prepare the right legal documents you need to protect and plan for the best future for your unique family.