An NSW Power of Attorney (NSW POA) is a legal document. It allows you to appoint a person to make decisions about your assets. The NSW POA deals with your assets e.g. real estate and bank accounts.
The New South Wales POA is an “economic” document. Your NSW EPA does not deal with your health treatment or lifestyle. To do this, instead, build a Medical NSW POA on our website. Also, the person receiving your NSW EPA cannot:
* vote in any elections
* make a Will
* sign another NSW EPA
* act as a Trustee
* control your body
However, the person getting your NSW EPA, can open and close bank accounts, pay debts, and buy and sell land. This is provided it is in your ‘best interests’ to do so.
Here are some examples:
The persons you appoint walk into the bank and present to the bank clerk with your Savings Account book and an original NSW POA. Your bank clerk stares blankly at them. He sees his bank manager. The bank manager explains to the bank clerk that those persons “now stand in your shoes”. They can do whatever you could do with the bank account. The bank manager asks to take a copy of the NSW EPA for future reference. The bank manager tries to keep the original NSW POA but the persons you nominate decline and get back the NSW POA. The transaction on the bank account takes place.
You tell the persons that you nominated, to sign a lease agreement. You are on holidays overseas and email is unavailable. Your attorney contacts the landlord. They:
1. tell the landlord that there is an NSW Power of Attorney
2. tell the landlord that they are signing the lease on your behalf
3. they sign in their usual signature area and write under the signatures “signed as attorney for *your name* under an NSW EPA dated ## Month, year”.
You are now bound to the lease. The landlord may photocopy the NSW Power of Attorney to attach to the lease.
For legal advice telephone us. We are a law firm. We can help you answer the questions as you build your NSW Enduring POA.
Adjunct Professor, Dr Brett Davies, CTA, AIAMA, BJuris, LLB, LLM, MBA, SJD
Legal Consolidated Barristers and Solicitors
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