Understanding Your Power Of Attorney Options

>Australia is fortunate that the NSW Powers of Attorney Act of 2003 defines the various procedures and protection associated with various recognised Powers Of Attorney (POA). The reality of today’s world is that everyone should have some sort of Power Of Attorney. Depending on your circumstances you mat elect to have several different POA’s naming different persons to handle specific concerns.

The immediate benefits of an executed Power of Attorney are that you and your loved ones can enjoy peace of mind that your affairs will be managed by a person of your choice. If you are traveling or ill, a power of attorney will enable a person you trust to make important decisions and sometime life-saving decisions.

Of course if life went the way we scripted it, these POA’s would not be necessary. However, when it comes to your business, personal or medical concerns, you should have a primary and backup plan. The Power of Attorney allows you to be covered and in the long run can save you thousands of dollars in legal and court fees.

Now, it is easier than ever to execute a power of attorney. Reputable online providers can help you prepare and file the Power of Attorney of your choice. These are the three primary Power of Attorney Forms recognised by the Australian judicial system today.

Enduring Power of Attorney – An enduring power of attorney allows an individual of your choice to make decisions regarding your business, financial and personal matters. The enduring power of attorney can be structured to take effect immediately upon execution or at a time when you are disabled. Once the enduring power of attorney is enacted, your representative’s signature acts as your own on legal documents, with banks or in other matters, such as real estate transactions.

Medical Power of Attorney – Te medical power fm attorney has become very commonplace. When you appoint a medical power of attorney, that person has the right to authorise treatment and make medical decisions on your behalf.

General Power of Attorney – When you are traveling or experiencing a temporary interruption to your routine that will make you unavailable, you can assign a general power of attorney. Under the terms of a general power of attorney, your representative can make decisions about your assets, your medical care or execute documents on your behalf.

Obviously, it is important to select a trustful person to hold your power of attorney. Selecting the right person is the key to easing the minds of your loved ones as difficult decisions are reached on your behalf.

All standards for proper issuance and execution of a Power of Attorney are reviewed by the Australian Guardianship and Administration Committee.

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