Wills & Estates
Estate Planning - Power of Attorneys

A Power of Attorney is a formal appointment by which a person (called the Principal) gives the right and authority to another person (the Attorney) to act on behalf of the Principal in relation to his/her financial matters.

• General power to undertake any activity and enter into any transaction which the Principal could do without any limitation; or
• Specific or limited power to enter into a particular transaction such as the sale or purchase of a house or to operate a particular bank account. Where it involves real estate transactions, the Power of Attorney must be registered with the Department of Land Property Information (LPI).

An Attorney acting under a Power of Attorney is fundamentally acting as an agent of the Principal and, as such, owes certain duties to the Principal. These duties include: not exceeding the authority conferred by the Power of Attorney; confidentiality regarding the Principal's affairs; and avoiding any interest which may conflict with his or her duty to the Principal.

You can appoint one or more persons as your Attorney and if more than one is appointed, you can direct them to act jointly (where they must agree on all decisions), severally (where each Attorney can make decisions separately from the others), or jointly and severally (the Attorneys can act together or separately).

• at least 18 years old
• someone that you trust to make decisions in your best interest

The best way is to confirm the revocation of the Power of Attorney in writing. We recommend the completion and execution of the appropriate form as prescribed in the relevant State/Territory legislation.

If you do cancel a Power of Attorney, make sure you destroy all copies of the document. And don't forget to tell your banks or other agencies that have dealt with the Attorney. It is also possible for a Court or Tribunal to cancel a Power of Attorney, when it is not being used in your best interests.

If you want to change your Power of Attorney the easiest way is to prepare a new Power of Attorney and to formally revoke the old one in writing. You can make changes to your original, but they would have to be initialled and witnessed which may result in the document becoming unclear and confusing.

If you need further advice or assistance please contact us so that we can provide you with estate planning advice tailored to your personal situation.