The fallout from not having an Enduring Power of Attorney can be significant. What if you own your own home jointly with your spouse and while you are out doing the shopping, your spouse has a stroke and you do not return for several hours. You are told after medical examination, that your spouse may be permanently disabled and you are unable to sell your home and buy another more suited to your spouse’s ongoing medical needs, because your spouse cannot sign the transfer papers.
Appointing an Attorney gives your Attorney the legal authority to look after your financial affairs and to sign legal documents on your behalf.
We can draft Powers of Attorney for you and advise on what types of Powers of Attorney are available and what type might suit your circumstances.
You might need a Power of Attorney if you are going overseas for an extended period of time, or if you hold any type of property jointly with another, or if you are concerned about your general health moving forward. We explain to our clients who can be appointed as an Attorney and why it is not a good idea to wait until something happens before granting a Power of Attorney.
When discussing Attorneys, the benefits of an ‘enduring’ Power of Attorney, over a ‘standard’ Power of Attorney can be explained. In particular, where appropriate, we can help our clients by clarifying the difference between a ‘General Power of Attorney’ and an ‘Enduring Power of Attorney’.
Leigh Adams Lawyers can assist their clients by explaining when a Power of Attorney can end. If you want to change your mind in relation to the appointment of an Attorney, we can help you to revoke the earlier appointment and replace it with another.
We talk about registration of your Power of Attorney with the Registrar General and in what circumstances that might be appropriate. Many clients also want us to discuss with us, how they can stop the person they appoint as their Attorney from taking advantage of them. We are asked to do this frequently, and we can assist in this regard.
In addition, many clients are concerned about their self managed superannuation fund, and the extent to which their Power of Attorney can allow their Attorney to replace them as trustee or director of the trustee company, if or when it is appropriate to do so. They ask about whether their Attorney can sign or change a Binding Death Benefit Nomination. We explain these issues to our clients, and make the relevant changes to their Power of Attorney as may be required.
Our explanations extend to why a lawyer has to prepare a Power of Attorney, and how much the cost will be.
In addition, we are able to assist our clients if any interested party suspects that a Power of Attorney is being abused by explaining how applications to NCAT are made. The orders which NCAT can make are far –reaching. It can even declare that a revocation of an Enduring Power of Attorney is invalid, where appropriate.
If you have any questions or want to discuss anything confidentially, then please call us on 02 9570 7844