What is a Power of Attorney
A power of attorney is a document which allows you as the “principal” to appoint somebody (referred to as your attorney) who can step in and make financial decisions for you should you become incapacitated. Your appointed attorney has the authority to access your bank accounts, pay bills on your behalf and buy and sell property for you. A power of attorney document is an essential document to consider and most clients will put a power of attorney in place when they are also doing their new will or updating their will documents.
If you do not have a power of attorney document in place and you subsequently do lose capacity then your family members will be stuck with not being able to manage your financial affairs and having to make an application to the Guardianship Division of the NSW Civil & Administrative Tribunal to seek an appointment of a financial manager on your behalf.