An Enduring Power of Attorney is a legal document that gives another person the power to make financial decisions on your behalf. This includes, buying and selling property, accessing all your bank accounts and voting at meetings.
This document operates only whilst alive, and can either be effective immediately upon execution, or only when you are unable to manage your own financial affairs.
If you don’t have an Enduring Power of Attorney the Guardianship Board may have to appoint a financial manager to make these decisions for you. The person or organisation appointed as your financial administrator will not necessarily be who you would have chosen. This may be stressful for those involved and can cause considerable conflict and anguish among family and friends concerning who is appointed to make decisions on your behalf.
You can appoint anyone aged over 18 to be your Attorney. We recommend that this person be someone you can trust entirely, to act in your best interests at all times. Ideally, we recommend you choose a trusted spouse or relative who is capable of handling financial matters and knows your affairs.
Stanley & Co. Lawyers is conveniently located in Adelaide. Come and see us for a confidential no-obligation chat with one of our Adelaide Lawyers.