ENDURING POWERS OF ATTORNEY

Imagine your aged mother was not keeping well, and she asked you to go to her bank on her behalf to withdraw a relatively small amount for her shopping requirements. Given this scenario, people just like ourselves are constantly annoyed by banks refusing to make such withdrawals. Nowadays the bank will require a letter of authorisation from your mother for the transaction. With all the money laundering legislation these days, this will happen much more often in the future - much more than we can imagine.

Now, consider how your adult son or daughter would get YOU to sign such a letter to the bank authorising each financial transaction if you became physically or mentally unable to manage your affairs or understand what you were doing? How would your funds and assets be dealt with if you were completely unable to deal with things on a long term basis?

The Enduring Powers of Attorney Act (1985) allows you while capable, to determine who can intervene in your property & financial affairs in the event of your incapacity.

A Power of Attorney, which is to continue in the event of incapacity may be used before capacity is lost, provided that you, the granter, specify that the power is to continue.

As the law relating to Powers of Attorney can seem somewhat confusing, in our opinion it is in your best interests to discuss these issues with us and thereafter, have professional advice and assistance from a suitably qualified member of our legal team in preparing such an important legal document.