Enduring Power of Attorney
What is an enduring power of attorney?
An enduring power of attorney is a legal document that allows you (the principal) to nominate one or more persons (referred to as the attorney) to act on your behalf in the event that you can no longer manage your own affairs. It gives the attorney the authority to manage your legal and financial affairs.
This includes buying and selling:
- real estate
- other assets.
Under an enduring power of attorney, the attorney can also operate your bank accounts and spend money on your behalf.
An enduring power of attorney is something you might like to prepare, along with your will, because it is one of the ways you can prepare and plan for the future.
What are the advantages of having an enduring power of attorney?
A power of attorney can only be made while you are of sound mind. Therefore, an enduring power of attorney is a safeguard against the possibility of not having anyone with authority to manage your property or finances if you suffer loss of mental capacity.
It is also important to realise that having an enduring power of attorney is relevant to everyone, not only people who are old or with an illness that affects their mental capacity.
If you have an accident that affects your mental capacity, no one will be able to have access to your assets, such as your bank accounts, unless you have made an enduring power of attorney.
If you don’t have an enduring power of attorney, your family or a close friend will have to apply to be appointed as your financial manager, either through the Civil and Administrative Tribunal or the Supreme Court. This could take a considerable amount of time.
In short, it is much easier if you have given someone an enduring power of attorney.
How does Monardo Solicitors approach enduring power of attorney?
Are you the kind of person who likes to have their affairs in order? Would you feel more comfortable if you had an enduring power of attorney? Would you like a lawyer to draft it?
At Monardo Solicitors, we like to make your life easy.
In order to ensure that preparing your enduring power of attorney is as efficient and cost-effective as possible, as well as ensuring that the document reflects exactly what you want, we’ve designed an enduring power of attorney form to simplify the process.
How does our enduring power of attorney form work?
Step One: Fill in the enduring power of attorney form
You simply fill in our enduring power of attorney form and send it to us via the reply button at the bottom of the page.
Step Two: We will get back to you quickly, with a quote for how much it will cost to draft your enduring power of attorney
We will review the information you’ve provided. If we have everything we need, we will prepare a draft of your enduring power of attorney, as per your instructions.
If we need any additional information or think there are any other issues, we will get in touch with you.
Step Three: We draft your enduring power of attorney
If you are happy with our quote and instruct us to go ahead, we will prepare a draft enduring power of attorney for you to review.
Step Four: You review your draft enduring power of attorney
You review the draft enduring power of attorney we have prepared for you and let us know whether you would like any amendments made.
Step Five: We arrange for your enduring power of attorney to be signed and witnessed
We arrange for you to sign your enduring power of attorney and have it witnessed. We can arrange for copies to be made for you and even for the original to be stored in a safe place at no extra cost.
Can we help if you don’t like filling in online forms or you require a more complicated power of attorney than usual?
At Monardo Solicitors, we understand that not everyone likes filling in online forms. That is fine. Just call our experienced wills and estates team on 02 8006 5244 and we will be happy to help you.
Enduring Power of Attorney FAQs
Who can witness an enduring power of attorney?
In NSW, an enduring power of attorney must be witnessed by one of the following:
- a registrar of a local court
- a barrister or solicitor admitted in any Australian state or territory
- a licensed conveyancer
- an employee of the NSW Trustee and Guardian
- an employee of another trustee company who has completed an approved course of study
- someone qualified as a lawyer in a country other than Australia.
Do you need help with estate planning? Would you like to talk to a lawyer who has extensive experience in estate planning? Call our experienced wills and estates team now on 02 8006 5244.