A Power of Attorney is a legal document which is created by an individual for another (the attorney), giving them power to deal with their financial affairs. This power can include buying or selling a property. Any person over the age of 18 years of age can act as an attorney. Most people appoint either a family member or a close friend to act as their attorney. However you can appoint an accountant, financial adviser, solicitor, etc. However if appointing a professional they will normally charge a fee for acting as an attorney.
There are two forms of a Power of attorney; A General Power of Attorney or an Enduring Power of Attorney. A General Power of Attorney will cease if the person loses mental capacity whereas an Enduring Power of Attorney will operate when a person loses capacity.
A General Power of Attorney is generally used for short term appointments, such as a person going overseas and needs someone to manage their affairs while they are absent from Australia. You can appoint one or more attorneys to act either jointly or joint and severally.
In order to purchase or sell a property, a Power of Attorney needs to be registered with the Land Registry Services which will incur a registration fee. A conveyancer can assist with the registration of the Power of Attorney as part of the conveyancing process and also prepare these documents.
In life, things happen, and people just like you lose control of things like their property, finances, and their lives. This could be a result of illness or accident however having a document like a Power of Attorney in place, can assist the attorneys alongside dealing with your affairs in the event of things happening beyond your control.
If you wish to discuss any of these matters addressed or require more information, please feel free to contact us, we are here to guide you through life’s struggles and journeys.