A Power of Attorney gives another person power to act on your behalf in relation to your legal and financial affairs. In order to make a Power of Attorney you must be over the age of eighteen (18) and must have mental capacity. Rossi Legal can explain the difference between a General Power of Attorney and an Enduring Power of Attorney to you and provide you with advice as to which is the most appropriate Power of Attorney for your needs. The person appointed as the Attorney is known as the Donee. Whenever the Donee wishes to act on your behalf, the Power of Attorney will need to be produced.
It is important to prepare a Power of Attorney at an early age as once a person does not have mental capacity, they will not be able to prepare a Power of Attorney and family members wishing to assist, particularly in relation to their elderly parents, may have difficulty in dealing with a parents’ estate during their lifetime. It is important when preparing a Power of Attorney that the person you appoint is trustworthy and fully understands their obligations to deal with your property in a responsible manner and in your best interests. The person you are appointing will have an obligation to keep records of any financial transactions and will also have access to all of your financial information.