powers-of-attorney-die-with-their-owners

Powers of Attorney die with their owners

powers-of-attorney-die-with-their-owners

In the UK recently a person has been fined the equivalent of many thousands of dollars for using an expired power of attorney to withdraw money from the principal’s bank account after her death, even though he acted with the consent of her sole beneficiary (her son).

The agent was a close friend of the deceased, and of her only son. Although aware of her death, over the subsequent weeks he made three withdrawals from her personal bank accounts.

Some of this money went towards funding a property transaction which had been specifically authorised by the deceased before her death.

Other funds were either used for legitimate and authorised estate expenses, or were not used at all and later returned to the estate account.

Estate Planning Documents You Need to Update After Separation or Divorce in Australia

Estate Planning Documents You Need to Update After Separation or Divorce in Australia

Estate Planning Documents You Need to Update After Separation or Divorce in Australia

When you are going through a separation, you need to update your estate planning documents to protect yourself, your children & family and your assets. Here are some important matters to consider after a relationship breakup.

Other Documents in Addition to Your Will

  1. After separating, you should create a new Will. You should also review your powers of attorney, advance directives, trusts, proxy, delegation, etc. You may well need to formally revoke these important legal documents, so that your ‘ex’ cannot continue to control aspects of your life. However to be valid, these ‘revocation’ documents must be communicated to the individuals whom you had previously appointed, so these are not as confidential as the Will.