An Enduring Power of Attorney is a document whereby you appoint a person to act on your behalf regarding your property, commercial, and or financial matters in the event you become unable to make these decisions yourself.
This may include but is not limited to; paying your bills on your behalf, selling or purchasing property or other assets, and signing legal documents on your behalf.
For certain transactions, your Power of Attorney may need to be registered at the NSW Land Registry Services (LRS) and a registration fee will apply.
The most important decision is who you appoint as your attorney. This should be a person or people that you trust to act in your best interests, financially and commercially.
If you appoint more than one power of attorney, they can act either:
Jointly – whereby all decisions and actions must be made together; or
Jointly and severally – whereby each appointed attorney is able to act separately from the others or they can act together if they so choose.
An enduring power of attorney can begin to operate at a time of your choosing and will continue to operate even after you lose the capacity to make decisions for yourself. Your power of attorney appointment will end on your death or once the appointment is revoked.