What is a Power of Attorney? (NSW)

A Power of Attorney is as important for life planning as making a Will. Many people prepare a Will but do not give the same consideration to appointing an attorney until it is too late.

Appointing an attorney gives your attorney the legal authority to look after your financial affairs on your behalf. It should be accurately drafted by a solicitor with the proper advice given.

You can appoint an attorney to act for you in a variety of circumstances such as if you are on an extended interstate or overseas trip, or for a time when you are no longer able to manage your affairs. PTW Law can help you identify the type of attorney service that suits your needs.

There are many reasons to consider using a Power of Attorney:

  • you may wish to be free of the day to day demands of financial paperwork and record keeping;
  • you may want to place funds in a secure account with interest calculated daily and flexible access;
  • you may be going overseas or around Australia and don’t want  or cannot deal with these affairs while you’re away;
  • you may not wish to burden a family member or friend with the responsibility of looking after your financial affairs;
  • or you may simply find the demands of financial management have become too much for you to handle on your own.

 Should you have any further questions relating to a Power of Attorney or wish to make an appointment to take out a Power of Attorney with PTW Law, contact Tolly Saivanidis of our Mascot offices.

 

Source: NSW Government Website