Essentially, a power of attorney is a document given by an individual person (donor) authorising another individual person or persons (attorneys) to act or make decisions on behalf of the donor.
A power of attorney should be signed by a client whenever these is a concern whether that person will be able to make decisions for himself or herself. That is, whenever there is concern that the person will not have legal capacity, whether it be temporary or permanent. This often happens as a client gets older. All clients age 70 or more should have appropriate powers of attorney in place, and younger clients may need to have them in place depending on their individual circumstances.
Other clients may consider powers of attorney on a more temporary basis. For example a client who is leaving Australia temporarily but for a significant period, say 6 months, may execute a power of attorney in favour of say, his three adult children, that is only effective for 6 months or is only effective while he is outside Australia.
MLA Lawyers can assist your clients to establish powers of attorney. The provision of this service allows you to charge an amount for the time you spend liaising between the client and MLA Lawyers. We recommend you make use of this service: the powers of attorney that your clients receive will almost certainly still be cheaper than those that could be obtained elsewhere.
Visit the Dover Way to learn more about Powers of Attorney.
Adviser tip – here is how you might suggest it
Feel free to try these paragraphs in your next SOA:
A power of attorney is a legal agreement that enables a trusted person to make financial and property decisions on your behalf. An enduring power of attorney is a power that continues if you are intellectually unable to administer your own financial affairs.
We recommend that you consider establishing an enduring power of attorney. We will assist you in establishing a Power of Attorney using Dover’s Legal E-Docs service.