Enduring Power of Attorney

An Enduring Power of Attorney is a written authorisation that grants to a person (the “Attorney”) the power to represent or act on behalf of the person granting the power (the “Donor”) with regard to financial and property matters.  Unlike a General Power of Attorney, it will continue to have effect (or endure) even if you lose your mental capacity.

The Enduring Power of Attorney states what the Attorney is authorised to do. Any lawful action taken by the Attorney under the Enduring Power of Attorney is binding on you, so it is important to appoint someone you can trust that is over 18 years of age.

An Enduring Power of Attorney continues until the Attorney resigns, the Donor revokes it or it is revoked by law, for example when the Attorney or the Donor dies.

Thankfully, most people with an Enduring Power of Attorney will not experience a situation in their lifetime that will warrant its use. However, just like having Car or Home Insurance as a precaution, by preparing an Enduring Power of Attorney you assure yourself peace of mind in case unexpected events occur resulting in your inability to make your own financial decisions.

It is important to note that your Attorney does not need to be a qualified legal or financial professional, but they do need to be aware of the serious nature of their responsibility and also of your general rights and responsibilities.

An Enduring Power of Attorney can commence as soon as it is signed or on the occurrence of a specified event.  This varies from State to State.   In most states there are a range of options for when the Enduring Power of Attorney can come into operation.

Enduring Power of Attorney legal documents are available for purchase online for all states & territories.

Alternatively, the booklet version can be purchased for those who prefer pen & paper.  Click here for more information on the booklet products available.

It is recommended by financial planners that all adults should have an Enduring Power of Attorney in place should you be unavailable or incapacitated to perform personal business.

This type of legal document is particulary important for those who travel frequently.

 

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