If you have made a Power of Attorney (POA) or are considering one, you should be aware that new forms in NSW are effective from 1 March 2014. The two new forms will replace the previous general power of attorney form.

The two new prescribed forms are the General POA form and the Enduring POA form.147313126

General POA v Enduring POA

A General POA may commence immediately, or by reference to a particular date or perhaps event. For example, ‘this General POA will be effective whilst I am overseas’. Signed acceptance by the attorney is not required.

An Enduring POA may commence as soon as the attorney accepts the appointment or perhaps when a Medical Practitioner considers the principal unable to manage their affairs properly. Signed acceptance is required by the attorney/s, so that they are able to acknowledge their responsibilities.

The New Forms

The new forms present a number of changes in comparison to the existing form.

  1. There are now two prescribed forms instead of the single form that was previously required.
  2. The new forms are more detailed. For example, allowing the principal to be more specific in relation to who is appointed as an attorney.

Should I make a new Power of Attorney?

We advise that a Power of Attorney using the old form, is still valid. However, there are some circumstances when a new Power of Attorney should be considered:

  1. If you have appointed more than one attorney to act jointly;
  2. If assets specifically gifted under your will are at risk of being disposed of by the attorney; and
  3. If your circumstances have changed, and your need to make a change to the person you have appointed as your attorney.

 

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