We’ve Got You Covered
We are dedicated to assisting clients with the intricacies of establishing a Power of Attorney. Recognising the importance of this legal instrument, our team offers compassionate, expert guidance and representation. We ensure that your interests and rights are safeguarded, providing you with the peace of mind that comes from knowing your affairs will be managed according to your wishes.
Kaisha Gambell
Senior Associate
Step 1: Talk To Us
Reach out to Coutts Lawyers via our website, phone, or in person for a consultation on how we can help you secure your future.
Step 2: Consultation Appointment
Schedule and attend a meeting with a Coutts lawyer to discuss the specifics of your Estate matter and desired outcomes.
Step 3: We get to work
Rest assured, we’ll meticulously take care of all the legalities and processes involved in your Estate matter.
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Understanding Power of Attorney
You can protect yourself and your loved ones against unnecessary complications by setting up a Power of Attorney. This is a document that authorises another person to make legal, financial and property-related decisions on your behalf for a specific point in time or if you have lost the mental capacity to make these decisions for yourself. The Power of Attorney is helpful as you get older and require assistance to make financial decisions and manage your legal affairs.
If you lose the ability to make your own decisions without having set up a Power of Attorney, then your loved ones would need to make an application to the relevant Court or Tribunal to be given the authority to make these decisions on your behalf. The Court or Tribunal will decide who is the best person to manage your legal and financial affairs, and if there isn’t anyone suitable for the role, will appoint a public or corporate trustee to make decisions for you.
The Wills & Estates Team at Coutts can provide you with a well-rounded understanding of the types of Power of Attorney documents available and give you advice on the ramifications of your decisions when choosing an Attorney for your legal and financial decision-making.
What is a Power of Attorney?
A Power of Attorney is a legal document that authorises the person who is your attorney to make legal, financial and property-related decisions on your behalf. This document effectively gives another individual the power to act in your name and do all of the things you would normally do for yourself.
Our Team works with you to ensure you are setting up the right Power of Attorney and helps you choose and appoint the person or persons who would be suitable Attorney(s).
There are three types of Power of Attorney documents in New South Wales:
- A General Power of Attorney authorises the attorney to act on your behalf for a specific time or a specific purpose whilst you still have capacity to make your own decisions. This might be whilst you are working or travelling overseas. The General Power of Attorney is automatically terminated on the date you nominate in the document or if you lose mental capacity.
- An Enduring Power of Attorney authorises the attorney to act on your behalf if you no longer have the mental capacity to make decisions for yourself. An Enduring Power of Attorney will only become terminated once you have passed away or by an order of the Court or Tribunal.
- A Corporate Power of Attorney is a legal document made by a company that authorises the attorney to act on the company’s behalf.
What are the legal requirements for making a Power of Attorney?
The legal requirements for a valid Power of Attorney in New South Wales are different depending on the type of Power of Attorney being set up. However, in all scenarios, you must have the mental capacity to understand the nature and effect of the Power of Attorney document at the time you are making it.
What is the difference between a General Power of Attorney and an Enduring Power of Attorney?
Both the General Power of Attorney and the Enduring Power of Attorney will authorise another person (the Attorney) to act on your behalf and make legal, financial and property-related decisions for you. The key difference between the two is that a General Power of Attorney will end if you die or lose the mental capacity to make your own decisions, whereas the Enduring Power of Attorney will continue to remain valid during your lifetime even if you lose the ability to make your own decisions.
You should carefully consider your circumstances and needs when choosing whether to set up a General Power of Attorney or Enduring Power of Attorney.
What are the duties of an Attorney??
Someone who is your Attorney under a General Power of Attorney or Enduring Power of Attorney must always act in your best interests when making your legal, financial and property-related decisions.
Their specific tasks could vary depending on any conditions or limitations you include in the Power of Attorney document, but broadly speaking, an Attorney would be able to:
- Manage your financial affairs and operate your bank accounts.
- Buy and sell your real estate if required and ensure that you have accommodation that is appropriate for your needs.
- Pay your bills and expenses on time.
- Manage and invest your assets.
- Manage your taxation obligations, such as your tax return.
The person who is your Attorney must not enter into any transaction in which your interest in the transaction and their interest in the transaction conflicts.
The person who is your attorney must also keep accurate records of all financial transactions.
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Introducing Kaisha
Your Compassionate Lawyer
Meet Kaisha, a Senior Associate at Coutts Lawyers & Conveyancers, and the head of our esteemed Wills & Estates Law team. With her wealth of experience, Kaisha’s blend of empathy and thoroughness not only helps her foster genuine connections with her clients but also cements her reputation as a top-tier authority in Wills & Estates law.
Connect with Kaisha Today
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Power of Attorney FAQ’s
A Power of Attorney authorises a trusted individual to make legal, financial, and property-related decisions on one’s behalf, either for a specific time or when one loses the mental capacity to make such decisions themselves. It is crucial to avoid unnecessary complications and ensure that a trusted individual can manage your affairs if you are unable to do so.
A General Power of Attorney authorises the attorney to act on your behalf for a specific time or purpose while you still have the capacity to make your own decisions, and it terminates if you lose mental capacity or on a nominated date. In contrast, an Enduring Power of Attorney remains valid even if you lose the mental capacity to make decisions and only terminates once you have passed away or by an order of the Court or Tribunal.
An Attorney can operate a person’s bank accounts, buy and sell real estate, pay bills and expenses, manage and invest assets, and handle taxation obligations. An attorney must always act in the best interests of the person who they are acting as attorney for. They must avoid conflicts of interest and keep accurate records of all financial transactions.
If a person loses the ability to make decisions without a Power of Attorney in place, their loved ones will need to apply to the relevant Court or Tribunal to be given the authority to make decisions on their behalf. The Court or Tribunal will determine who is best suited to manage their legal and financial affairs. If no suitable individual is available, a public or corporate trustee may be appointed.
Coutts Lawyers & Conveyancers can provide a well-rounded understanding of the types of Power of Attorney documents available and advise on the ramifications of decisions when choosing an Attorney.
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