>When managing our financial, personal and health affairs, there are many reasons we might wish to empower a representative to act on our behalf. Assignment of a power of attorney (POA) occurs when a legal document is drafted and executed and appoints an entity (the attorney) to act on the behalf of an individual (the principal) in all activity involving the property or financial matters of that principal.
The length of time the Power of Attorney is in effect is determined by the principal. The Principal can elect to authorise an attorney for either a very short, precise amount of time or for an extended period. Many people who travel extensively or who are undergoing extended medical care utilise a Power of Attorney.
Assignment of a Power of Attorney authorises an entity or individual to represent the principal in property and financial activities only. The Power of Attorney is not authorized to represent the Principal in personal or medical matters.
The general Power of Attorney is revoked when the Principal loses the ability to make financial decisions. Principals often authorise family members, friends or colleagues to serve with a general Power of Attorney.
LegalWill.com.au allows you to prepare both General & Enduring Power of Attorney authorisations online for any Principal over the age of eighteen.
