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Power of Attorney (POA) is a binding legal document that gives a person (the donee) the legal authority to act for you (the donor) to manage your assets and make financial and legal decisions on your behalf.
There are two main types of POA’s…
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This gives one (or multiple) people permission to make important decisions about property, finances, investments and medical care when the donor loses full legal capacity. The donee appointed is normally a close family member or friend or someone such as a lawyer or accountant. This POA is in place permanently, or until it has been revoked or the donor passes away.
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This type of POA is in force for a certain amount of time. This gives a person (or multiple) very specific rights, such as the donor may be overseas and trying to sell their home here, a Limited POA means the donee are entrusted to carry out the sale and sign all legal settlement documents on the donors behalf.
When selling a home as a limited POA or an EPOA all documentation needs be lodged with Landgate prior to settlement. You also need two signed copies of the POA document, one will be kept by Landgate and one will be returned. This document should be lodged within 3 months of signing otherwise Landgate require a statutory declaration from the donee. This stat dec will confirm when and where they last saw the donor (needs to be within the last 7 days of stat dec being signed) and that they are still alive but still incapable of signing.
Hanson Property Settlements works with Power of Attorney cases on a regular basis and we can assist you through the whole process when needed.
If you are in need of assistance or would just like some advice regarding POA feel free to get a hold of us, we are more than happy to help!