Have you or your children just finished HSC or uni exams?
Heading off on a holiday or taking a gap year?
If you’re planning your holiday or gap-year, then together with getting your passport, itinerary and travel insurance arranged, you need to think about setting up your power of attorney documents.
A power of attorney is a legal document in which you appoint the person of your choice to manage your assets and financial affairs. This will mean that you have a person who can take care of your banking, bills, property and other responsibilities while you are away. Most importantly, they will be able get your money to you in case you need it while you’re away and you can’t get access from where you are. They will also be able to deal with any unexpected things that pop up at home while you’re away – this might be unexpected bills, accidental damage to your property, looking after your investments etc.
The person (known as your attorney) can be appointed for a set period of time – for example the length of time that you are going to be away; or indefinitely. It’s your choice. Your power of attorney can be revoked at any time provided you have the capacity to do so, and you can also put limits and restrictions on the power that your attorney has while you are away.
Making a power of attorney does not mean that you will lose control over your financial affairs. It simply gives your attorney formal authority to manage your financial affairs according to your instructions. Your attorney needs to be someone that you trust but they don’t have to necessarily be a family member.
At Bateys Family Lawyers, we can help you get your power of attorney documents in order before you leave, so you will have one less thing to worry about while you enjoy your holiday. Contact us now.
