What is Power of Attorney?
- A document you sign that authorizes others to sign financial documents in your name and on your behalf. (They act as your agent)
- This means you can be legally bound by a document they have signed even though you have not seen or signed it.
- The document generally authorizes the attorney to manage your financial affairs (subject to any restrictions you have stated in the document).
- The Power of Attorney can be limited to only doing certain things (ie. Only dealing with the sale of a property) or limited to not authorising the sale of a property or limited
in time (ie. Only while you are on holidays etc)
- The Power of Attorney is signed by you and (since 16.2.04) your attorney. Powers of Attorney entered into before 16th February 2004 were not signed by the attorney but are still valid despite this change.
- The person who gives a power of attorney is called a donor and the person(s) who receive it are called the donee(s).