Power of Attorney
Giving someone a Power of Attorney means allows them to manage either all or part of your property and financial affairs and sign documents on your behalf. It allows your attorney to access your bank account, money, shares, real estate and other assets if you are unable to do this yourself, for whatever reason.
You should consider making a Power of Attorney before you require it. It is too late to make a Power of Attorney if you lose mental capacity from an unforseen accident for example. In this case an application to the Guardianship Tribunal would need to be made. Applications to the Guardianship Tribunal are not only time-consuming and often expensive but may result in an unsatisfactory outcome for you and your family.
Generally everyone over the age of 18 should make a Power of Attorney. It is a particularly good idea if:
- You are travelling or going overseas
- It is more convenient for someone else to sign documents on your behalf
- Your health is deteriorating
- You are physically unable to attend to your own financial affairs
- If you become confined to a hospital or some other institution
A Power of Attorney is a cheap, easy and practical way of planning for the future. It allows your attorney to quickly and easily look after your financial affairs if the need arises.
At Bateman Battersby Lawyers Penrith we can discuss your specific needs and prepare a Power of Attorney that meets the needs of both you and your family.