What is Power of Attorney?
A Power of Attorney is a written authorisation to represent or act on another’s behalf in either private or business or some other legal matter. The person authorising the other to act is known as the declarant, who is granting the principal power. The individual authorised to act is the Agent.
As an Agent, the appointed solicitor is a fiduciary to the Declarant, and the law requires the Agent to act in an entirely loyal and honest manner in all their dealings with them. It is a requirement that the person creating the Power of Attorney (the Grantor) is in possession of the requisite mental capacity.
Our Power of Attorney template includes all the necessary provisions as well as additional terms and conditions outlining the precise nature of the Agent’s powers, which can also be tailored to suit your precise needs.
The document clearly outlines the appointment of the chosen agent and in the event the agent is unable or unwilling to take up the responsibility, an alternative has been provided for.
The document revokes all previous Power of Attorney documents reducing the chance for any confusion in the future.
The powers granted to the Agent include but are not limited to:
- The management of all the Grantor’s bank accounts: including the opening and closing of accounts and to conduct any negotiations with the bank or financial institution
- To buy, sell, invest or reinvest any assets of the Grantor.
- To manage any insurance contracts on the Grantors behalf, including life insurance
- To collect any debt owed to the Grantor
- To enter legally binding contracts on the Grantor’s behalf
- To act as Proxy on the Grantors behalf
- To operate and manage any business owned by the Grantor
- To enter contracts for the employment of professionals who expertise is required
- The management of any property owned by the Grantor
- The power to prepare, sign and file any required documents with government departments.
- To make gifts from the Grantors assets to members of the Grantors family
- Clear prohibition of the granting of any interest to the Agent acting on the Grantors behalf.
- The limitation of liability for the Agent
- Provisions for the reasonable compensation of the Agent for any wok done on the Grantors behalf.
A comprehensive checklist is included at the end of the document to ensure you have executed all the required actions such as witnessing and notarisation.
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