A Power of Attorney is a legal document appointing a person or trustee organisation of your choice to make important decisions and sign legally binding documents on your behalf when you may need them to.
Generally, a Power of Attorney is associated with illness or injury. It can be useful to assign Power of Attorney if you become unwell or lose the ability to make decisions for yourself and are no longer able to manage your financial affairs.
However, there are numerous other reasons to appoint a Power of Attorney. For example, if travelling overseas for an extended period of time, or work away consistently, you may wish to give your attorney access to your bank accounts to pay your bills or manage your finances and affairs in case any urgent situations arise.
Assigning a Power of Attorney doesn’t mean that you will lose control over your affairs. It means that your Attorney has formal authority to manage your financial affairs according to your instructions if you’re unable to do so. Your Power of Attorney can be cancelled at any time at your request, as long as you have the capacity to do so.
For more information about appointing a Power of Attorney, download our fact sheet below or get in contact with the team at Resolve Conveyancing.