Powers of Attorney
At YLP Legal – Your Legal Partner, we specialise in creating Powers of Attorney, a crucial legal document that empowers another person to handle your financial decisions either immediately, or if you become incapacitated.
This document remains effective only during your lifetime, ensuring your affairs are managed according to your wishes by someone you trust—be it a family member, friend, or professional.
YLP Legal – Your Legal Partner offers expert guidance in drafting your Power of Attorney document, tailored to your specific needs and circumstances, ensuring clarity and legal validity.
For expert advice that aligns with your personal and financial situation, contact YLP Legal – Your Legal Partner today.
Frequently Asked Questions
Finding the right Adelaide lawyer to resolve your legal matters can be difficult. But at YLP Legal – Your Legal Partner, we want to make it simpler by answering some of your questions.
A General Power of Attorney is suitable for specific transactions or limited periods. This grants the donee authority to manage your financial decisions temporarily.
While an Enduring Power of Attorney takes effect immediately and continues even if you become incapacitated, ensuring ongoing management of your finances.
At YLP Legal – Your Legal Partner, we guide you through the timing of the activation of your Enduring Power of Attorney.
You can opt for it to be effective immediately upon execution while you are still fully capable of making decisions for yourself, or you might choose for it to activate only if you become legally incapacitated.
There are both advantages and disadvantages to having your Enduring Power of Attorney become effective immediately or when you become legally incapacitated. The most appropriate option will depend on a number of your personal circumstances which will need to be discussed at the time of creating your document.
In South Australia, a person who has been appointed as your attorney pursuant to a Power of Attorney can do anything that you could legally do in relation to your financial, legal and contractual affairs subject to any conditions or limitations that are inserted into the document at the time it is prepared.
In South Australia, any individual over the age of 18 who possesses legal capacity is eligible to create an Enduring Power of Attorney.
It is important to note that no other person can make a Power of Attorney on your behalf. This ensures that the document genuinely reflects your wishes and decisions regarding your financial, legal and contractual affairs.
As soon as it has been properly executed unless the document specifies otherwise.
The operation of an Enduring Power of Attorney in South Australia can cease in three different situations:
- If you are still of sound mind, and you formally revoke it by having a Revocation of Enduring Power of Attorney document prepared and signed; or
- Upon your death, at which point your Will takes effect, guiding the distribution of your estate and execution of your final wishes; or
- If a court makes an order that its operation cease.
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