Power of Attorney Bayside
The person (or people) appointed by you is called your ‘Attorney’. The Attorney you choose can have the same control over finances and assets that you have so it’s crucial you choose a trusted adult to take this role.
Your Attorney cannot make health or lifestyle decisions for you.
You should ensure that this person:
- Knows their duties and responsibilities
- Will act in your best interests
- Understands your wishes
- Is trustworthy
You should choose someone that understands financial matters and business.
It will be void when you pass away and does not affect your Will. Your Executor named in your Will takes over from your Attorney at death.
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Types of Power of Attorney
Ordinary Power of Attorney
An Ordinary is only valid while you still have the capacity to make your own decisions. A common example of why this arrangement is appropriate is when you are travelling overseas for several months and want someone to manage your finances while you are away (e.g. if you are a business owner).
Enduring Power of Attorney
An Enduring is valid only when you lose the capacity to make financial decisions yourself. This arrangement is particularly important for the elderly or those with failing health.
Power of Attorney Cheltenham, Bayside and Melbourne
As you plan for your future, you might also like to read more about wills and succession planning here.
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