A Power of Attorney is a very important and powerful legal document that allows someone, known as your attorney, to make financial decisions on your behalf when you’re not able to or simply do not want to. You might have lost the capacity to manage your finances through old age, accident or illness. Alternatively, you may simply lead an extremely busy lifestyle and would prefer someone else to manage your financial and legal affairs on your behalf.
WHAT POWERS CAN YOU GIVE YOUR ATTORNEY?
The law sets out the powers that can be exercised by your attorney. If authorised by you, your attorney could do anything on your behalf that you are lawfully authorised to do so long as it is in your best interests. Your attorney could pay your bills, manage your superannuation and other investments, buy and sell real estate on your behalf, buy and sell shares on your behalf and make transactions using your bank accounts.
Rayners Lawyers’ Powers of Attorney are tailor-made to suit your personal and financial circumstances. We can include appropriate conditions and restrictions on your attorney’s power. For example, you may wish restrict your attorney’s power to sell your family home or to alter who you have named as the beneficiary of your superannuation.