Durable Power Of Lawyer
Overview
A Durable Power of Attorney (DPOA) is a legal document that grants someone the authority to make financial and legal decisions on your behalf in the event that you become incapacitated or unable to make decisions for yourself. This document ensures that your affairs are managed according to your wishes even if you are unable to communicate them.
Importance of Durable Power Of Attorney
Having a DPOA in place is crucial as it allows you to choose a trusted individual to manage your affairs if you are unable to do so. Without a DPOA, the court may need to appoint a guardian or conservator, which can be a costly and time-consuming process.
Types of DPOA
There are two main types of DPOA:
- Financial DPOA: Allows the appointed individual to manage your financial affairs, such as paying bills, managing investments, and making financial decisions on your behalf.
- Healthcare DPOA: Grants the designated person the authority to make medical decisions for you if you are unable to do so.
Requirements for a Valid DPOA
In South Australia, a DPOA must meet certain requirements to be legally valid. These include:
- Being in writing
- Being signed by the principal (the person granting the power)
- Being witnessed by at least two adults
- Being dated
FAQs
1. Can I revoke a DPOA?
Yes, you can revoke a DPOA at any time as long as you are of sound mind. It is advisable to do so in writing and notify all relevant parties.
2. When does a DPOA come into effect?
A DPOA typically becomes effective once it is signed, unless specified otherwise in the document.
3. Can I have more than one person as my attorney-in-fact?
Yes, you can appoint multiple individuals to act as your attorney-in-fact. You can choose to have them act jointly or separately.
If you have further questions or need assistance with creating a Durable Power of Attorney, contact Wright Street Lawyers today.
