Search
Close this search box.

Enduring Powers of Attorney and Property

This resource has been provided by an expert lawyer at Long Saad Woodbridge – adaptive and progressive lawyers for any situation.

First published on October 25, 2022

What is an Enduring Power of Attorney?

An Enduring Power of Attorney is a legal document that gives one or more person/s the authority to manage the financial affairs of another, for the duration of that other person’s lifetime. The principal (the person making the Enduring Power of Attorney) appoints one or more attorneys (trusted people) who agree to be in charge of the principal’s bank accounts, property, shares, crypto-currency, NFTs, and investments, should the need arise. An Enduring Power of Attorney is not only important for those considering that they may lose capacity, it is equally important for people who go overseas and want their financial affairs to be managed while they are away.

Difference between Enduring Power of Attorney and Power of Attorney

As the name would suggest, an Enduring Power of Attorney is for the duration of the principal’s lifetime, whereas a simple Power of Attorney is often only for a limited time. Another distinction between the two documents is that an Enduring Power of Attorney continues even if the principal has lost capacity, while a simple Power of Attorney does not. Both of these documents can be revoked by the principal, so long as he/she retains capacity to do so.

Why should property owners make Enduring Powers of Attorney?

For most people, their home is the biggest investment they make in their lifetime. Additionally, statistics show that 1 in every 13 Australians has a negatively geared investment property. These reasons alone would indicate that the making of an Enduring Power of Attorney is an important consideration for every property owner.

Important Disclaimer: The content of this article is general in nature and for reference purposes only. It does not constitute legal advice and should not be relied upon as such. Legal advice about your specific circumstances should always be obtained before taking any action based on this publication.

Table of Contents

SHARE THIS

THE LATEST INSIGHTS

Related legal news & insights

Our finger is on the pulse of relevant news, cases and changes to legislation that may impact our clients. Browse our articles and resources by area of law, and subscribe to our mailing list to be kept up to date.

CONTACT US

Plan your next move

To get in touch with our team, call us or use the contact form. An expert in your chosen area of law will get back to you as soon as possible.

Level 5, 99 York Street, Sydney 2000

By using the form on our contact page

(02) 9279 4888

Liability limited by a scheme approved under Professional Standards Legislation.