Will and Power of Attorney
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What’s the difference between a will and power of attorney?
A will is a legal document that is written up when you are of age that outlines what you would like to happen with your property and other affairs after you pass away. Wills and power of attorney can be altered throughout your life, as long as the document is verified. A power of attorney is different in that it gives someone else the authority to make decisions and act on your behalf while you are still alive. A power of attorney is often needed for people who are elderly or have an illness or disability and are no longer able to make decisions for themselves. It is important to make sure that the person you choose to be your power of attorney is someone you trust and is willing to take on the responsibility.
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More on Power of Attorney
Power of attorney (POA) is a legal document that allows you to appoint someone to act on your behalf in managing personal and/or financial affairs. In Australia, the legal profession has adopted a particular definition of POA, specifically that it is a “document that appoints an attorney or attorneys to act for a donor”. This means that whoever is appointed as the attorney is able to make decisions or take action for the donor in the areas specified in the document. The power of the attorney is limited by the terms of the document, so it is important to consider carefully the terms of a POA before it is signed. POAs are regulated by state and territory legislation and the laws governing their operation vary from state to state.
You can find more information from the Western Australian Government here.