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Important legislative changes to the Powers of Attorney laws will affect principals and their attorneys in NSW

Succession Law News | April 2013

Aside from the introduction of a new prescribed Power of Attorney form, the Bill’s most significant reforms will impact on the affairs of attorneys appointed by their principal under a joint Power of Attorney. Currently, if:

  • two or more attorneys are appointed under a joint power (such that they may only exercise the power together and not separately or “severally”); and
  • the office of a nominated attorney becomes vacant through the death, bankruptcy, disability or relinquishment of that attorney,

then the power of attorney itself is voided and terminated notwithstanding one or more attorneys continue to stand ready, willing and able to exercise their office as attorney.

The Bill, however, stands to allow principals to provide that where the office of an attorney appointed jointly with one or more other attorneys is vacated, the power will continue to apply with respect to the remaining attorney or attorneys.

If you would like to discuss making a Power of Attorney, or if you would like to review, revoke or amend your existing Power, please contact Forum Law today to discuss a prompt, cost-effective solution to your needs.

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