General Power of Attorney
Although with net banking these days the need to go to a bank for money, for most of us is a thing of the past. Even if we are overseas we can still access all of the online companies we deal with when we are home. We can shop, pay bills, even order meals without getting out of bed. So why would we need a power of attorney?
For those that don’t have a computer or do not care to use one they may have a problem. A power of attorney will help to solve it. Once you lose your ability to type or speak the use of a computer would be doubtful. If there is a loss of mental capacity the result is obvious.
A power of attorney is a document that you can create, to authorize someone you trust to do things of a financial and administrative nature for you. You can allow them to do everything from accessing your bank accounts, paying bills and talking to government agencies. Unless you place restrictions on the power, the person receiving your authority, your attorney, can do everything that you would do for yourself.
A power of attorney can be for a specific period of time to commence upon your attorney signing his or her acceptance, or to be until you revoke it. If you don’t want it used for the time being just keep it in safe keeping until the need arises.
Enduring Power of Attorney
If your concern is mostly to protect your interests in the event that in the future you will be unable to make decisions for yourself in a financial sense because you could lose your mental capacity to understand what you are doing, then your option is an Enduring Power of Attorney.
This type of attorney document will require a clause and certificate certifying that you understand the significance and effect of making the enduring power of attorney that you intend to enter into. Upon you losing capacity the enduring power will take effect. Once you lose capacity you cannot enter into an enduring power of attorney.
If you are in aged care or hospital and / or there is a possibility that a doubt will be raised by one of your children (or others) as to your capacity to enter into the enduring power of attorney, it is advisable and in your interest, to ask your doctor to give you a doctors certificate to give to your solicitor setting out his opinion as to your understanding of the significance and effect of making an enduring power of attorney.
You will be our client. We will need to consult with you either at our office or we can make arrangements to visit you.