A Power of Attorney is a legal document that gives certain powers to a person or persons, known as Attorney (s) to deal with property and financial affairs of the person giving this power (the Principal).
There are 2 types of Powers of Attorneys:
- The first is called a General Power of Attorney and provides limited and specific powers to an Attorney to act on behalf of a Principal in circumstances where they will not be available such as he/she is travelling overseas. Where the Principal wants the Attorney to act on a specific sale or purchase of property, the Power of Attorney will be drafted to limit the Attorney’s power to the particular transaction. In these instances it is essential that the Power of Attorney is registered with NSW Lang Registry (previously Land and Property Information) before any dealings with respect to land are entered into. For more information contact: www.nswlrs.com.au
- The second is known as an Enduring Power of Attorney and is most common and used in circumstances where the Principal loses there mental capacity and ability to make financial decisions. An example of where a person is in a nursing home and financial decisions need to be made, but the person is unable to get around, that person may appoint their adult child or children to act as their Attorney in these cases.
Revoking a Power of Attorney is possible, provided that the Principal has the capacity to do so.
The above information is general in nature only and is not intended as legal advice.
If you require a Power of Attorney please contact us on info@cominoslawyers.com.au