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Loading ...I am going overseas. Do I need a Power of Attorney?
March 13, 2008 by Josie Kay
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Q. I am going overseas and somebody told me that I might need a Power of Attorney. What do you think?
Josie’s answer: There are different types of Powers of Attorney, and in this case, note that I am NOT discussing Enduring or Irrevocable Powers of Attorney.
The main reason they are used is to allow a legally capable individual to share his/her legal rights with another person in circumstances where that individual may not be available to exercise those rights himself/herself.
As you stated you will be going overseas, the tyranny of distance makes it difficult to sign documents.
For example, you might want to give someone an authority to access your bank account whilst you are away.
Obviously you need to be very careful. They should only be given to some who you trust and you must have confidence powers will not be abused.
Just remember that the person you nominate as your Attorney, has the same authority as you when they sign documents. Also you and your nominated Attorney need to be over 18 years of age and legally competent, i.e. they need to understand what they are signing.
Remember to revoke the Power of Attorney on your return to Australia. Your question as to whether you need one, all depends on how complicated your financial life is. If it is, then contact a Solicitor to get one drawn up (make you ask how much first!)
Don’t forget that the above information is general in nature and not specific to your goals and objectives. It is recommended that you seek personal financial advice specific to your needs. Also remember, that apathy can end up being your biggest expense!
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