Unfortunately, particularly during our advancing years, many of us reach the point, either mentally or physically, where we are unable to manage our financial affairs.
You can execute a Power of Attorney now, which will only become active if you one day become unable to manage your affairs and this is evidenced by a letter from a medical practitioner.
If you execute a Power of Attorney, it makes it clear who will manage your affairs if the need arises and it will prevent the Public Trustee (New South Wales Trustee and Guardian) from seizing your assets and managing your affairs as they see fit.
Although a Power of Attorney is a very important document to put in place, it is a very powerful document that can be dangerous if misused.
You should carefully consider who you appoint and also whether you should appoint two people jointly to impose a form of “checks and balances”. It is also crucial to record a substitute attorney in case your first appointed attorney, for some reason, cannot act.
If you believe that a Power of Attorney is being misused, the matter can be reviewed by the Guardianship Division of NCAT. This is a form of Elder Abuse and I encourage all of our readers to be vigilant in looking-out for the more vulnerable members of our community.
Contact me now for assistance with Powers of Attorney.
If you would like Manny to address a particular legal issue, send your request to manny.wood@ticliblaxland.com.au
This article is intended to be for information and educational purposes only and cannot be relied upon as legal advice. The information may not apply to your circumstances or to your particular situation. If you need specific advice or you have any questions, we welcome you to contact us directly.