Powers of Attorney
Understanding different types of powers of attorney in South Australia
What is a Power of Attorney?
A Power of Attorney is a legal document that allows you to appoint someone else to make decisions on your behalf. This person, known as your attorney or donee, can manage your financial and legal affairs if you are unable to do so yourself. In South Australia, Powers of Attorney are a vital tool for planning for the future and ensuring that your interests are protected.
Types of Powers of Attorney
There are two main types of Powers of Attorney, each serving different purposes:
General Power of Attorney
This type grants your attorney the authority to manage your financial and legal affairs. It is typically used for a specific period or purpose, such as during a temporary absence. A General Power of Attorney becomes invalid if you lose the capacity to make decisions.
Enduring Power of Attorney
Unlike a General Power of Attorney, an Enduring Power of Attorney remains in effect if you lose the capacity to make decisions. This type of Power of Attorney is crucial for long-term planning, as it ensures that your financial affairs can be managed even if you become incapacitated.
Key Considerations
When appointing an attorney, it's important to consider the following:
Choice of Attorney
Choose someone you trust implicitly, as they will have significant control over your affairs. It's often wise to appoint a backup or substitute attorney in case your first choice is unable or unwilling to act.
Scope of Authority
Clearly define the scope of your attorney's powers. You can grant them broad authority over all your affairs or limit them to specific actions, such as managing a bank account or selling a property.
Conditions and Restrictions
You may set conditions and restrictions on how your attorney can act. For example, you might require them to consult with certain family members before making major decisions.
Revocation
You have the right to revoke a Power of Attorney at any time, provided you have the capacity to do so. It's important to notify your attorney and any relevant institutions when revoking a Power of Attorney.
How We Can Assist You
We can provide expert guidance on creating a Power of Attorney that suits your needs. We can help you understand the implications of granting someone authority over your affairs, ensure the document is correctly drafted and witnessed, and advise on the best ways to protect your interests.
If you are considering setting up a Power of Attorney or need advice on an existing arrangement, please contact us to arrange a consultation. We are here to provide clear, professional advice and support, ensuring your wishes are respected and your affairs are in safe hands.