What is an Enduring Power of Attorney (Financial)?
This is a legal document that appoints another person(s) to make financial and legal decisions for you.
It is very useful in a Conveyancing transaction if you are either to travel (or actually live) interstate or overseas during a purchase or sale.
It is useful as a means of ensuring that someone, you choose, takes control of your financial and legal affairs if and when you are ever unable to do so yourself.
An Enduring Power of Attorney (Financial) cannot be used to make medical treatment decisions for you or guardianship decisions.
Can I limit the powers of my attorney?
Yes, you certainly can! You can actually specify how you want your Attorney/s to carry out responsibilities for you and any special conditions you want to apply in the decisions they make on your behalf.
You can also include particular instructions about what you would like your Attorney/s to do.
Your Attorney/s must act in accordance with your instructions.
You can also set out your wishes, but these are not binding upon the Attorney.
Once the power to make a decision begins, your Attorney/s will have full control over that decision, unless you have explicitly limited that power in the document.
Where you have large capital assets, such as shares or property, you should leave very clear instructions for your Attorney/s as to how to deal with, dispose or distribute these assets.
It may be wise not to place too many restrictions on your Attorney/s power as this may make it difficult for your Attorney/s to make decisions on your behalf. If you choose to impose conditions or restrictions on the power you are giving to your Attorney/s, it is best you seek legal advice.
We highly recommend MacKinnon Jacobs Lawyers – Telephone: 1300 424 452.