power of attorney
A Power of Attorney deals with your financial and legal affairs and is only effective during your lifetime. By having a power of attorney in place, you can be rest assured that your financial and legal affairs will be taken care of by your Attorney should you be unable or lack capacity to deal with your affairs. This means that your Attorney can deal with your property, bank accounts, shares and also sign documents on your behalf if necessary for your benefit.
Power of attorney explained
When preparing your Power of Attorney, you have the opportunity to decide when it is to commence. The power of attorney can come into effect in one of the following events:
Executing the power of attorney
If you are the principal (the person who is making the Power of Attorney) then you must execute your enduring Power of Attorney in the presence of a solicitor, registrar of the court or licensed conveyancer. If you are signing as the Attorney (the person that is nominated to act as the Attorney), you are not required to execute the Power of Attorney in the presence of a witness.
Capacity to execute the power of attorney
In order for the Power of Attorney to be effective, you must have capacity to understand its effect at the time of signing the document.
If you lack capacity at the time of executing the Power of Attorney, it is open for a person to make an application to the NSW Civil and Administrative Tribunal (formerly known as the Guardianship Tribunal) to review the power of attorney. The Tribunal has the power to vary or revoke an enduring power of attorney. It can appoint a substitute attorney and declare the person as not competent to manage their affairs.
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