Powers of Attorney allow you to give someone else legal authority to manage your affairs on your behalf. This might happen if, for instance, you are travelling overseas and want to give your attorney access to bank accounts to pay bills or manage finances. In other circumstances you might appoint an Attorney to act on your behalf if you become unwell and unable to manage your own affairs. This is known as an Enduring Power of Attorney, because the authority it grants endures when the Principal has lost capacity.
Making a Power of Attorney does not mean that you lose control over your affairs. It simply gives your attorney formal authority to manage your affairs according to your instructions. Power of Attorney can be revoked at any time, provided the Principal has the capacity to do so.
If you are the Principal, the authority you grant your Power of Attorney ceases when you die, at which time the executor/s named in your Will become responsible for administering your estate.
Contact us to find out more about creating or revoking a Power of Attorney or to arrange a consultation with an experienced lawyer in the Central Highlands.