Making a Power of Attorney involves a formal document which gives someone else the authority to make financial decisions on your behalf. The process works like this:
• You sign a form appointing as an attorney the person or trustee organisation of your choice
• You may specify the types of decisions that your attorney will be able to make
• Your attorney agrees to their appointment by signing the acceptance section of the form
While Power of Attorney forms are available from places such as your newsagent, it is recommended that you seek advice from either a solicitor who will normally charge an hourly rate or a fixed fee, or a professional trustee, such as NSW Trustee and Guardian, who will prepare your Power of Attorney without charge provided they are appointed attorney or substitute attorney with your spouse, de facto spouse or partner/person you are living with in a close personal relationship.
Your Power of Attorney is an important legal document and it is important to have it tailored to meet your specific requirements, especially where you intend it to be enduring.