An Enduring Power of Attorney is a legal document by which you authorise a person to make financial decisions on your behalfs such as taking money out of your bank account, paying your bills, selling or purchasing property, shares or other assets; and signing legal documents, leases, and mortgages.
For certain transactions, your power of attorney may need to be registered at the Land and Property Information NSW (LPI) and a registration fee applies.
The most important decision you must make is who you appoint as your enduring power of attorney. The person you appoint must be someone you completely trust to act in your best interest.
If you appoint more than one attorney you must decide if they are to act either:
Jointly – all appointed attorneys must sign all documents; or
Jointly and severally – each appointed attorney can act separately from the other attorneys.
An enduring power of attorney continues to operate even after you lose the capacity to make decisions for yourself. Your power of attorney appointment ends on your death and your will then becomes active.