A power of attorney (POA) is a document empowering a person (or persons) to act on your behalf (the Principal) with respect to your financial (and/or Medical/Personal) arrangements.
Powers of attorney can be either general or limited. Under a general power of attorney, the attorney is able to do nearly all things the person giving the power could legally do. Under a limited power of attorney, the power is restricted in some way. For example, the attorney may be appointed only for a certain time or only to perform certain acts.
Enduring Powers of Attorney
General and limited POAs usually cease to be effective when the Principal loses mental capacity. An Enduring power of attorney (EPOA) is one that remains effective after the Principal has lost mental capacity. It will remain in force until death, unless it is revoked while the Principal has the mental capacity to revoke it.
Do you need an enduring power of attorney?
If you have not granted an enduring power of attorney, someone (e.g. your spouse, son or daughter) will need to apply to a court or a government tribunal to be appointed. It is likely that an officer from the government will also need to be involved in the management of your affairs.
Enduring Power of Attorney/Guardianship (Medical)
An enduring power of attorney/guardianship (Medical) allows you to appoint someone to make ‘lifestyle’ and healthcare decisions relating to your care and wellbeing if you lose capacity due to illness or injury. This covers all the powers that a parent may exercise in respect to his or her child and includes the power:
• to decide where you are to live, whether permanently or temporarily
• to decide with whom you are to live
• to consent to any health care that is in your best interests
• to restrict visitors to such extent as may be necessary in your best interests, and
• to prohibit visits by any person if your guardian reasonably believes that visits by that person would have an adverse affect on you.
The appointment can begin immediately or when you are unable to make decisions (lose legal capacity) about your lifestyle, either temporarily or permanently. Legal incapacity means that a person is unable to understand the nature of a document and its effect or is unable to communicate in any way. Being physically incapacitated, for example being paralysed and being unable to sign documents, does not necessarily mean that person is legally incapacitated. The person may still be able to understand the document and its implications.
Navigating the complexities of the real estate market can be a daunting task. This is where a local buyer's agent comes into play, offering invaluable expertise and guidance throughout the home buying process. This is where a local buyer's agent comes into play, offering invaluable expertise and guidance throughout the home buying process. By leveraging their in-depth knowledge of the local market, buyer’s agents can help clients make informed decisions, avoid common pitfalls, and ultimately secure the perfect property. Below are ten essential questions to consider when choosing a local buyer's agent, designed to help you understand their role, benefits, and how to select the right one for your needs.
An investment strategy is a documented plan that outlines how your SMSF will achieve its investment objectives while considering the fund's circumstances and the needs of its members. This strategy should guide your investment decisions and help ensure the fund is on track to meet its retirement goals.
A Self-Managed Super Fund (SMSF) offers an unparalleled level of control and flexibility for managing retirement savings. It is a type of superannuation fund in Australia that provides individuals with the ability to manage their own superannuation investments. Unlike retail or industry super funds, SMSFs offer complete control over investment decisions. This level of autonomy allows members to tailor their investment strategies to suit their personal financial goals and risk tolerance.
Managing an SMSF involves several responsibilities and regulatory requirements. Also, SMSFs offer a high degree of control and flexibility and come with significant responsibilities and risks.
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