Your powers of attorney are the set of legal documents that dictate who you want to take care of your affairs, including finances, if you still have the capacity to do so. This might be due to being overseas, in hospital, or otherwise unable to do certain things yourself. This person can buy and sell property on your behalf, shares, assets and operate your bank accounts. You do not lose control of your financial affairs. This privilege can be revoked at any time.
This does NOT apply if you are unable to make decisions for yourself, for example if you die, are in a coma, or have dementia. In these cases, you need an enduring power of attorney, which is an ongoing agreement that comes into play when you are NOT able to make decisions for yourself. Read more about enduring power of attorney here.
What happens if I don’t have a general power of attorney?
You have to do everything yourself!
How to make general powers of attorney
You can fill in the forms to appoint or revoke an enduring power of attorney from the the Office of the Public Advocate website. From 1 September 2015, you must use these forms, however any enduring power of attorney made prior to this date remain valid.
For estate planning assistance, you will need a lawyer familiar with these processes. Contact Vanessa Ash.
Vanessa Ash can guide you through tricky laws.