A Power of Attorney (POA) is a legal document that grants someone else the authority to make decisions and take actions on your behalf if you become incapacitated or unable to make decisions for yourself. It is an essential part of your estate planning and ensures that your wishes are respected.
Benefits of a Power of Attorney
A Power of Attorney allows you to designate someone you trust to manage your affairs if you cannot do so yourself due to illness, injury, or other circumstances. This ensures that all of your preferences are clear should you become incapacitated.
The POA document outlines your wishes around managing finances or making healthcare decisions, or broader authority to handle all aspects of your affairs. Without a Power of Attorney, a court may need to appoint a guardian or conservator to make decisions for you, which can be time-consuming and costly. A Power of Attorney allows you to choose who will act on your behalf and avoid the need for court intervention.
Enduring Power of Attorney vs. General Power of Attorney
At 360private, we can help you with the two main types of Power of Attorney:
- General Power of Attorney – A general Power of Attorney grants powers to a donor to handle a donor’s financial or legal affairs. For example, it allows the attorney to buy and sell land or to operate the donor’s bank account if the donor is overseas. However, a general Power of Attorney ceases to operate if the donor becomes legally incapacitated.
- Enduring Power of Attorney – This type of Power of Attorney continues to operate even if the donor becomes legally incapacitated, ensuring that their affairs are managed without interruption.
How We Can Help with Setting up Power of Attorney
Our experienced team at 360Private legal team can answer any questions you may have, and can provide the following services in relation to powers of attorney:
- Advising you on and preparing a Power of Attorney that is right for you
- Reviewing and updating your Power of Attorney in the event of any change in the law or your circumstances
- Arranging for your Power of Attorney to be deposited with the Lands Titles Office if it is intended to be used in relation to the sale of your property
- Holding your Power of Attorney and other important estate documents in our will bank at no charge to you
- Writing to you every couple of years to remind you to review your Power of Attorney
- Advising you on and preparing a revocation of your Power of Attorney if needed or desired
- Representing interested parties in applications before the South Australian Civil and Appeals Tribunal
Other Legal Services We Can Help You With
Our team provides comprehensive legal expertise for all your estate planning needs. Beyond Powers of Attorney, we offer:
- Probates and Deceased Estate Administration
- Estate Planning Strategies
- Last Will and Testament
- Testamentary Trust Planning
Please contact our team today for tailored solutions around your estate planning requirements.
