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Secure Your Future with an Enduring Power of Attorney NSW
Powers of Attorney 2024 – General and Enduring have changed
We have the amended Powers of Attorney that are compliant with 2024 changes to the legislation.
The Powers of Attorney Regulation 2024 commenced when it was published on 23 August 2024.
The 2024 regulation has changed
the form to create a general power of attorney, and the form to create an enduring power of attorney
General Description
A power of attorney is a legal document that allows you, the “principal”, to nominate one or more persons, referred to as “attorneys”, to act on your behalf. An enduring power of attorney gives the attorney the authority to manage your legal and financial affairs, including buying and selling real estate, shares and other assets, operating your bank accounts and spending money on your behalf even if you lose mental capacity.
With an Enduring Power of Attorney, attorney’s power continues even if you lose your mental capacity to manage your own affairs. Once you lose your mental capacity you cannot revoke this power of attorney. If you want the power of attorney to cease if you lose your mental capacity, use the general power of attorney form.
An attorney under an enduring power of attorney cannot make decisions about your lifestyle or health. These decisions can only be made by a guardian, whether an enduring guardian appointed by you or a guardian appointed by the Guardianship Tribunal or the Supreme Court
Enduring Power of Attorney NSW
Planning for the future is one of the most responsible decisions you can make. A legally binding Enduring Power of Attorney (NSW) ensures that your financial and legal affairs are managed by a trusted individual if you become unable to make decisions for yourself. Whether due to illness, age, or unforeseen circumstances, having a properly drafted Enduring Power of Attorney is essential. Our Enduring Power of Attorney template provides a hassle-free way to create a legally sound document without the need for expensive legal fees.
Why You Need an Enduring Power of Attorney NSW
An Enduring Power of Attorney allows you to appoint someone you trust to make financial and legal decisions on your behalf if you lose capacity. Without this legal document, managing your financial affairs may require a costly and time-consuming application to the NSW Civil and Administrative Tribunal.
With our easy-to-use Enduring Power of Attorney template, you can:
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Designate a trusted individual to handle your financial affairs
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Ensure continuity in financial management if you become incapacitated
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Prevent legal complications and delays in decision-making
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Specify limitations and conditions on the powers granted
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Protect your assets and estate with a legally binding document
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ENDURING POWER OF ATTORNEY INCLUDES
Guidance Notes for drafting an Enduring Power of Attorney (EPA) in New South Wales
An EPA allows an individual (the principal) to appoint one or more persons (the attorney(s)) to manage their financial and legal affairs if they become incapacitated.
Eligibility to Act as an Attorney
Ensure the appointed attorney is over 18 years old and has the capacity to make decisions. Avoid appointingsomeone who may have a conflict of interest or may not act in the principal’s best interests.
Outline Powers Granted
It is not necessary to specify the powers being granted to the attorney, such as managing bank accounts,property, and legal affairs. This can be kept general unless the client instructs otherwise. Include anylimitations or specific instructions, if necessary.
Conditions and Limitations
If the powers are conditional (e.g., only effective upon incapacity), clearly state these conditions. BEWARE if you decide to say ‘upon incapacity’ – who gets to decide incapacity? Is it a legal test or a medical test? Such a condition appears to be straightforward on the surface but creates myriad uncertainty. A preferred approach
would be to simply have the EPA This removes thenecessity for the attorney having to prove incapacity before they can legitimately use the document. In NSWmatters not related to finance and property, such as health care decisions, are not covered.
Execution Requirements
Ensure the document is signed by the principal in the presence of an eligible witness (e.g., a legal practitioner,a registered medical practitioner, or a police officer). The certificate from a socommence when the attorney accepts their appointment. licitor confirming the witnessunderstands the nature and effect of the document is essential to make this Power of Attorney ‘Enduring’.Notification of Attorneys
Advise the principal to notify the appointed attorney(s) of their appointment. Suggest providing theattorney(s) with a copy of the EPA, although this can be withheld until the attorneys have cause to use them.
Storage and Accessibility
Decide where the EPA should be stored (e.g., with the lawyer, at home) and how it can be accessed by the attorney when needed. We recommend making a file note or better, written instructions from the Principal authorising release of the EPA to the attorney upon request.
The EPA is a personal document of the principaland as such, cannot be handed over to anyone without the principal’s express instructions. You will not be able
to obtain such instructions if the principal becomes incapacitated, so get them while you are creating the EPA.
And store evidence of those instructions on the file.Review and AmendRecommend that the principal review the EPA per,iodically or after significant life changes (e.g., marriage,
divorce, relocation).
This commentary does not constitute legal advice. © 2024 Precedents Online
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