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Planning for the future means being prepared for unexpected situations where you might be unable to manage your financial or legal affairs. A Power of Attorney is a crucial legal tool that allows you to appoint someone you trust to act on your behalf when you’re unable to do so yourself.
Whether you need short-term assistance or long-term protection, understanding the difference between a general and enduring power of attorney can help you make informed decisions to safeguard your interests. At Fred Kalouche & Associates, we guide you through creating a Power of Attorney tailored to your needs, giving you peace of mind for the future.
What is a Power of Attorney?
A Power of Attorney (POA) is a legal document that lets you appoint someone you trust (your attorney) to make decisions on your behalf if you’re unable to do so. This can cover financial, legal, or property matters.
There are two main types of POA in NSW:
• General Power of Attorney: Temporary authority, usually for specific tasks or timeframes, and ends if you lose mental capacity.
• Enduring Power of Attorney: Continues to operate even if you lose capacity, making it an essential tool for future planning.
Why Do You Need a Power of Attorney?
Life can be unpredictable. If you become ill or incapacitated, having a POA ensures that:
• Your financial and legal affairs are managed by someone you trust.
• Bills and expenses are paid on time.
• Your assets are protected and managed properly.
Without a POA, family members may need to apply to the NSW Civil and Administrative Tribunal (NCAT) to be appointed as your financial manager, which can be costly and time-consuming.
How to Create a Power of Attorney in NSW
Creating a valid POA requires:
• Choosing a trusted attorney who will act in your best interests.
• Clearly defining the powers you want to grant.
• Completing the document in accordance with the Powers of Attorney Act 2003 (NSW).
• Signing and witnessing the document properly.
Visit the NSW Trustee & Guardian’s Power of Attorney page for official forms and detailed guidance.
Revoking or Changing a Power of Attorney
You can revoke or amend your POA at any time while you still have capacity. It’s important to notify your attorney and any institutions affected by the change.
Frequently Asked Questions About POA
What is the difference between a general and enduring power of attorney?
A general POA is temporary and ends if you lose mental capacity. An enduring POA remains effective even if you become incapacitated.
Who can I appoint as my attorney?
You can appoint anyone you trust, such as a family member, friend, or professional advisor.
Can I have more than one attorney?
Yes, you can appoint multiple attorneys to act jointly or separately, depending on your preference.
What happens if I don’t have a power of attorney and become incapacitated?
Someone may need to apply to the NSW Civil and Administrative Tribunal (NCAT) to be appointed to manage your affairs, which can be a lengthy and expensive process.
Fred Kalouche & Associates
Looking for a Reliable Dedicated Professional Results-Driven Partner?
Legal challenges can be overwhelming, but you don’t have to face them alone. At Fred Kalouche & Associates, we take the time to listen, understand your situation, and guide you with clarity, compassion, and confidence.
Your peace of mind matters. Let us help you take the next step forward.