Many people are under the misapprehension that Powers of Attorney are only necessary for “older people”. If you have material assets in your name, you should review your current arrangements and see what would happen to you in the event that you became legally incapacitated.
Or, on a happier note, if you are travelling away from home for sometime it may be convenient to appoint someone to look after your financial affairs for the period that you are away.
What is a Power of Attorney?
It is a legal document that allows a person (the principal or donor) to give the power to someone else (the attorney or donee), to do things or make decisions for and on their behalf.
As the States and Territories have different laws governing Powers of Attorney, you should read the relevant information for the state where you reside.
What are the types of Powers of Attorney?
A General Power of Attorney: authorises the attorney very broad powers to manage your financial affairs unless you say otherwise. For example it will include the power to operate your bank accounts, to buy and sell your property, sign contracts and so on.
Obviously, you should only give these sorts of powers to someone you really trust.
The general rule for all this type of Power of Attorney is that unless you say otherwise in the Power of Attorney, it will continue indefinitely until it has; exhausted its purpose (for example you authorised the attorney to manage your financial affairs while you were overseas): you choose to terminate it: or you become legally incapacitated.
A Power of Attorney to Sign Documents; only authorises your attorney to sign particular documents.
An Enduring Power of Attorney: operates while the principal does not have the legal capacity to make and communicate decisions about their affairs.
Broadly speaking, there are 4 different types of Enduring Power of Attorney that can be done in Australia, but these options will depend on the State or Territory in which you reside and the table below shows which ones are applicable for your state.
If you require further information about Powers of Attorney our FAQ can assist you.
What are the benefits of using James Legal Consultants ?
Competitive fees – fixed fee
Option to prepare the document online or over the phone or meet with a lawyer
Customised to your personal requirements
How much will it cost ?
The fees are based on how much assistance you want when completing the document.
If your requirements are complex you can use our Select service which is a one on one interview with a solicitor. The fee for this service is included in our fixed price, which will be quoted at the first consultation.