Powers of Attorney

What is a Power of Attorney? A Power of Attorney is a legally binding document which gives a person the power to act on behalf of you for your financial affairs. Under the Powers of Attorney and Agency Act 1984 (SA), a Power of Attorney does not give a person to deal with your other personal areas such as health care, residential, and lifestyle matters. Types of Powers of Attorney There are two types of Powers of Attorney in South Australia; General Power of Attorney and Enduring Power of Attorney. While a general Power of Attorney would enable an attorney to act on your behalf for a particular purpose, an enduring Power of Attorney would continue to operate despite the donor’s incapacitation. When do you need them? The type of Power of Attorney you seek may depend on your circumstances. For example, you might consider appointing a general Power of Attorney if you are in the process of selling or buying a property and you are suddenly required to travel overseas for work or family; you might consider appointing an enduring Power of Attorney to take care of your assets and manage your financial affairs on your behalf in case you become incapacitated in the future. Who should you appoint as your attorney? You can appoint any person to be your attorney, including a beneficiary in your Will. However, you should always appoint a person who is willing to take on the role as your attorney and has no interest in your assets. How can Straits Lawyers help? Straits Lawyers can draft a Power of Attorney on your behalf, ensure that you fully understand the aim and effect of the lasting Power of Attorney that you make, and be your attorney at your service. Contact us today at info@straitslawyers.com for any enquiries on Powers of Attorney.