What is a Power of Attorney and how do they work?
Powers of Attorney
A Power of Attorney is a document where you give someone else the legal right to look after your affairs for you. When making a decision to appoint a Power of Attorney it is really important that you nominate someone that is trustworthy, financially responsible, and likely to be around when you need them.
There are different types of Powers of Attorney:
General Power of Attorney
This type of Power of Attorney allows someone to make financial and legal decisions for you. It's usually for a specified period of time, for example, if you're overseas and can't manage your affairs at home.
If you become unable to make decisions yourself, a general Power of Attorney becomes invalid.
Enduring Power of Attorney
An enduring Power of Attorney (or EPA) allows someone to make financial and legal decisions for you. If you become unable to make decisions yourself, an enduring Power of Attorney is still valid.
Medical Power of Attorney
This allows someone to make medical decisions for you if you ever become unable to do so yourself. It doesn't allow them to make other kinds of decisions.