A Power of Attorney is a legal document that allows another person to undertake specified activities on your behalf. This person should be someone you trust who is willing to take on the responsibility.
Appointing a Power of Attorney provides you with peace of mind that important decisions can be made if you can not make these decisions yourself.
When considering Estate Planning, you may also wish to consider establishing a will. Read more on wills here.
There are different types of Power of Attorneys :
- General Power of Attorney. You appoint a person to make financial and legal decisions for you, usually for a specified period of time. For example, if you are overseas and unable to manage your legal affairs at home. This personal appointment becomes invalid if you lose the capacity to make decisions for yourself.
- Enduring Power of Attorney. You appoint a person to make financial and legal decisions for you if you lose the capacity to make your own decisions.
- Medical Power of Attorney. You appoint a person to make only medical decisions on your behalf if you become unable to do so yourself.
The legislation for powers of attorney varies across the states/territories, and you should seek legal advice. You may also wish to discuss Powers of Enduring Guardianship and medical directives to give power to someone to make decisions about where you live and your health care.
Want to know more? Read our Estate Planning Guide here.
While a solicitor can take care of the legal aspects of your estate, at Progressive Financial Solutions, we can look at your total financial picture and help you with a broad range of issues such as funding and protecting your estate, avoiding challenges to your will, and minimising tax. You can read more about our Estate Planning Services here.