THERE are times in life when we need to give another person authority to make decisions on our behalf. Giving power to another person to make such decisions is a very serious matter, which is one of the reasons why the authority must be in writing.
I am going to take the opportunity over the coming weeks to explain the three most common authorities and their differences:
- Part 1: General Power of Attorney;
- Part 2: Enduring Power of Attorney;
- Part 3: Advance Health Directive.
Today’s authority is the General Power of Attorney.
A General Power of Attorney is an official document under which you authorise another person to make financial decisions on your behalf.
It is used whilst you still have capacity to make decisions for yourself, but for some reason you will not be personally available and need another to stand in your place.
For example, if you are travelling overseas, but need legal documents signed in your absence, such as a contract for the sale of land.
A General Power of Attorney will come to an end at the earlier of the following:
- the expiry of the authority as stated in the document; or
- when you lose capacity to make decisions.
If you are not sure whether you need a General Power of Attorney, get in touch with Walker Pender Group Lawyers.
Next week I will explain an Enduring Power of Attorney.
Until then – Keep it Legal!
*The legal information in this article is of a general nature only and not intended to be legal advice to rely upon.