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.
According to the Property Council of Australia, in 2014, there were more than 2300 retirement villages in Australia and around 184,000 seniors living in retirement villages. However that figure is expected to double with some predicting as many as 382,000 people will be living in retirement villages by 2025.View All News