In simple terms, a power of attorney is a legal document where a person is nominated to act on your behalf (known as the agent) regarding your affairs. The document gives the nominated party the legal capacity to make decisions for you on things like financial matters and other duties.
The person given attorney does not have to be a lawyer, although in many cases a law firm is enlisted to act as power of attorney.
Some common tasks of those entrusted with power of attorney can include, but are not limited to:
- The buying and selling of property
- Operating bank accounts
- Organising the paying of bills and debts
- The power to vote in meetings
- And lots more…
The tasks involved will depend on particular circumstances and what the principal (the person delegating the power of lawyer) requires and stipulates.
When Might You Need To Delegate Power of Attorney?
Many people only assume power of attorney is entrusted to someone when the principal no longer possesses the mental capacity to make sound decisions, such as in the case of someone with Alzheimer’s or suffering an incapacitating illness or injury.
While this is often the case, the are other scenarios where you may need to consider giving someone you trust the power of Solicitor, even on a temporary basis.
One such instance is when you might be required to spend a significant amount of time overseas and find it too difficult to handle all your affairs back home from abroad.
If you, the principal, lose your capacity to make decisions, then the power of attorney you delegated will cease.
Enduring Power of Attorney
With the enduring power of a lawyer, you are empowering your legal representative to look after your affairs. This can be immediate or specified to come into effect at a later date in the event that you lose your mental capacity to make your own decisions.
In this case, your lawyer handles those decisions for you and takes care of any tasks nominated in the power of attorney document. In some cases, this could even include decisions regarding things like medical treatment and financial matters.
Will and Estate Planning Brisbane
When it comes to preparing wills, estate planning, and matters regarding the power of a lawyer, your local and highly experienced law firm in Brisbane is Aylward Game Solicitors. If you need advice regarding the delegation of power of solicitors to someone you trust, then think of us first.
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