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Enduring Power of Attorney

An important aspect of any Estate Plan is a valid Power of Attorney. This is where you give written authorisation to allow a person or organisation to act on another’s behalf in private affairs, business or some other legal matter. If granted the attorney has the authority to make decisions, sign documents and generally act on another’s behalf. A Power of Attorney may only be granted if the person assigning the Power of Attorney (“grantor”) has physical and mental capacity to do so and ceases the moment the person no longer has capacity.

An Enduring Power of Attorney is one that remains in force irrespective of your physical or mental condition but will cease when you die. You may revoke an Enduring Power of Attorney at any time. In appointing an Enduring Power of Attorney you are giving them the power to perform tasks such as:

  • dealing with your bank accounts including transferring money out of your account
  • selling your home or other property
  • dealing with the shares you own, whether the company be private or publicly listed
  • taking over the operation and control of a business when you are the sole shareholder
  • making decisions regarding your personal maintenance such as where you live and what you do on a day to day basis once you have lost the capacity to make those decisions for yourself.
  • You must carefully consider the power that you are granting to your Attorney. If you are not precise you may find yourself in a situation where your Attorney's powers are either above or beyond your intentions.

For example, if you provide your Attorney with the capacity to make decisions regarding your financial affairs then your Attorney has the power to deal with your property or finances. This includes selling property, managing investments and shares, and accessing cash to pay bills.

If it is not your intention to allow your Attorney to deal with your property then you can limit the Attorney’s power by specifically excluding that right in the Enduring Power of Attorney.

We are happy to arrange this for you via our estate planning service whereby Enduring Powers of Attorney will be drafted and we will assist you to properly execute these documents.

Avery Gibson Financial Services Pty Ltd (ABN: 45 119 229 980) is a corporate authorised representative of Plan 2 Pty Ltd (ABN: 60 010 875 073), an Australian Financial Services Licensee. (Licence No. 237874)