A Power of Attorney enables your financial affairs to be managed according to your wishes when you are unable or do not want to conduct them personally – such as when you are ill, travelling or simply do not wish to be burdened with the day to day management of your financial affairs.
You can use a Power of Attorney for almost any financial purpose: for example, you can authorise your attorney to:
• collect debts
• vote at meetings
• operate your bank account
• manage your investments
• carry out any other function which can be lawfully delegated
Should you no longer be able to manage your financial affairs and you don’t have an Enduring Power of Attorney, the Guardianship Tribunal may have to appoint a financial manager to make these decisions for you.
The person or organisation appointed as your financial manager will not necessarily be whom you would have chosen. This may be stressful for those involved and can cause considerable conflict and anguish among family and friends concerning who is appointed to make decisions on your behalf.
By making an Enduring Power of Attorney, you are ensuring that the person or organisation you nominate to manage your financial affairs is what you want.