There are two types of Power of Attorney (POA) designations in Australia. The most used POA is called a general power of attorney. The other popular POA is called an Enduring Power Of Attorney. Many persons feel a POA must be drafted by an attorney in order to be valid. That is not the case.
A General POA provides the designee to perform a number of specified responsibilities on behalf of the petitioner. Several states and territories in Australia have different protocols for filing a General POA. Most attorneys, accountants, financial managers and banks recommend that every person complete and record a POA that can be activated at times when the petitioner is away or unable to physically perform certain administrative tasks.
A General POA can be for personal matters or for business matters like signing payroll checks. The important quality of a General Power of Attorney is that the person’s business life and personal life do not have to be disrupted in the absence of the principal. Most persons who travel implement the General POA while they are on the move.
The Enduring Power of Attorney also authorises an appointed individual to perform specified responsibilities on behalf of the principal. As the name suggests, the Enduring Power of Attorney lasts for an undefined amount of time, or until it is canceled by the principal. This is the single biggest difference between the two most popular forms of POA’s Once it is canceled, the Enduring POA must be recorded again.
The mystique of completing the forms for either a General or Enduring POA is long gone; right along with the expense. Attorneys are not necessary, thank you. At http://www.legalwill.com.au, clients can procure all the forms necessary to file a POA in all states and territories of Australia. Clients can also request the hardcover booklets necessary to file a POA in NSW and VIC.
Preparing and filing a proper Power of Attorney is easy, organised and quick. This is a great purchase for the busy person who wants to make sure that if anything unexpected occurs there is a chain of succession to tend to business and personal matters. Let your loved ones and employees and creditors gain peace of mind by filing a POA throughout Australia in one easy step.