Power of Attorney FAQs - Legal123.com.au

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Power of Attorney FAQs - Legal123.com.au

  1. 1. Power of Attorney<br />
  2. 2. What is a Power of Attorney (POA)?<br />Authorizes another person to act on your behalf, as if you had done the act or consented yourself<br />Permits another person to deal with your financial affairs, real estate or other assets<br />Ensure the person is someone you trust - they will be looking after your money, property and affairs<br />
  3. 3. When to use a Power of Attorney?<br />Business matter conducted while you are away<br />Manage your share portfolio<br />Overseas on work or holiday<br />Real estate purchases, sales, mortgages or leases<br />Buy or sell car or other assets<br />Legal documents signed on your behalf<br />In hospital for illness, baby, surgery, etc.<br />Can’t get to the bank, post office, etc.<br />
  4. 4. Who should I choose as “Attorney”?<br />Over 18yrs<br />Relative or friend<br />Trustworthy<br />Understands nature of power granted<br />Understands specific transaction required<br />
  5. 5. How to Limit a Power of Attorney?<br />Powerful document that grants another person your authority and is taken to be your consent to an act or documents agreed on your behalf<br />Broad authority unless limited in the document<br />Limit scope being specific in your description: time, purpose, subject to another’s consent, etc.<br />But be careful not to limit authority too much<br />
  6. 6. What’s an Enduring Power of Attorney?<br />Power of Attorney (General): have mental capacity<br />Witness<br />Registration only with property transactions<br />Enduring Power of Attorney: lost mental capacity<br />Specific wording requirement<br />Must be signed by Attorney accepting power<br />Certificate to be signed by ‘prescribed witness’<br />Must be registered<br />
  7. 7. More Information?<br />Go to our website: www.Legal123.com.au<br />Click Power of Attorney Form link<br />More FAQs and articles on Powers of Attorney<br />Purchase and download the easy-to-use Form<br />Easy to download, with no registration required<br />Easy to understand, written in plain English<br />Easy to complete, with online video instructions<br />

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