Power of Attorney
A Power of Attorney can be:
- A General Power of Attorney
- An Enduring Power of Attorney.
General Power of Attorney
A General Power of Attorney is usually used in a business context by a corporation or an individual. It can authorise your attorney to deal with your personal or financial affairs, or both, and comes into effect on the date you elect. It may limit the extent to which your attorney may deal with those matters. A General Power of Attorney does not operate when you lose capacity to make decisions.
Enduring Power of Attorney
Under an Enduring Power of Attorney, you may give your attorney the power to deal with all or any part of your financial, personal and health matters. An Enduring Power of Attorney for financial matters immediately comes into effect once it is signed or at your option on the date or event (for example, incapacity) you elect, and continues to operate when you lose capacity to make decisions. Your attorney can deal with your financial affairs at the same time as you, unless you specify otherwise. For personal and health matters, your Enduring Power of Attorney goes into effect whenever you suffer loss of capacity.
Making an Enduring Power of Attorney
To be valid, your Enduring Power of Attorney must be in the approved form and comply with strict witnessing requirements.
Changes to REIQ Contracts for Houses and Land coming in January 2022
The Real Estate Institute of Queensland (“REIQ”) and the Queensland Law Society (“QLS”) have announced that the new standard contracts for sales of houses, land and residential units will be released in late January. The changes have been introduced to resolve some issues faced by buyers and sellers when dealing with financial delays to settlement, in addition to updating a number of issues.View All News