Enduring Power of Attorney - NSW

Discussion in 'Legal Issues' started by thesuperman, 5th Jun, 2017.

Join Australia's most dynamic and respected property investment community
Tags:
  1. thesuperman

    thesuperman Well-Known Member

    Joined:
    26th Jun, 2015
    Posts:
    460
    Location:
    Australia
    If you give a family member an Enduring Power of Attorney to act on your behalf, does that mean they will be able to open & close bank accounts in your name, open & close brokerage accounts in your name, enter into contracts to buy & sell real estate in your name, and buy or sell a car in your name & get that car registered in your name?

    If so, does it need to be registered with Land and Property Information to do any of those things or only for real estate matters?
     
    thesuperman, 5th Jun, 2017
    #1
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

    Joined:
    18th Jun, 2015
    Posts:
    42,005
    Location:
    Australia wide
    They can exercise these powers if you permit them.
    LPI registation is only needed for dealing with land.
     
    Terry_w, 5th Jun, 2017
    #2
  3. thesuperman

    thesuperman Well-Known Member

    Joined:
    26th Jun, 2015
    Posts:
    460
    Location:
    Australia
    Ok thanks. So if buying a car & trading in an old car using a POA you would just bring the original signed POA to the car dealership and the dealership will register the car and do all the paperwork in the name of the person who gave the POA?
     
    thesuperman, 5th Jun, 2017
    #3
  4. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

    Joined:
    18th Jun, 2015
    Posts:
    42,005
    Location:
    Australia wide
    When the attorney deals with others they would just show the power of attorney appointment document.
     
    Terry_w, 5th Jun, 2017
    #4
  5. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

    Joined:
    18th Jun, 2015
    Posts:
    23,555
    Location:
    Sydney
    The RMS paperwork includes a place where the named person authorises an agent for registration etc...Thats the dealer. The form doesnt cope well with a POA situation. Speak to the dealer and they can sort it out.
     
    Paul@PAS, 6th Jun, 2017
    #5