What is a Power of Attorney?
Many assume that because they are in business together, married or looking after an ageing parent, that they can sign legal documents on their behalf. This is not correct. You can only do so if you are legally authorised under a Power of Attorney.
A Power of Attorney enables an authorised third party to enter into financial transactions, access bank accounts and investments and even buy and sell property for you when you are overseas, in hospital or otherwise unable to act on your own behalf.
I&J Law can:
- Draft a Power of Attorney to appoint nominated persons to make financial decisions on your behalf.
- Review your Power of Attorney.
- Assist you to revoke your power of Attorney, where appropriate.
Yes, you also need to have mental capacity to enter into a legal document.
An Enduring Power of Attorney is effective even if you lose mental capacity, whereas a General Power of Attorney is more limited.
Yes. You can appoint more than one attorney jointly or severally, which means you can decide if you want your attorneys to act together or separately.
It is vital that you revoke the Power of Attorney under these circumstances so the attorney no longer has this authority.
No. For these purposes an attorney can be any legally competent person over the age of eighteen.