- November 4, 2022
What is the Power of Attorney ?
A Power of Attorney (POA) is a legal document that gives someone else the authority to make decisions on your behalf. This could be for financial matters, property transactions or health care decisions.
A POA can be used in a number of different ways and can be tailored to your specific needs. You can give someone general power of attorney, which means they can make any type of decision on your behalf, or you can give them limited power of attorney for specific tasks.
For more information about power of attorney, visit Trustees Executors .
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A POA can be revoked at any time by the person who created it (the ‘principal’), as long as they have the mental capacity to do so. It’s important to keep your POA up to date and in a safe place, like with your will.
There are two types of POA in New Zealand:
Enduring power of attorney – this type of POA continues even if the principal later becomes mentally incapacitated.
Non-enduring power of attorney – this type of POA only applies while the principal has mental capacity.
The cost of setting up a POA will depend on the complexity of your situation and whether you use a lawyer or not. You may be able to get help with the cost if you’re on a low income or receiving certain benefits.
If you have any questions about Power of Attorney, it’s best to speak to a lawyer.
