You’re in charge of running the day-to-day operations of your business. It’s all going smoothly. What was once complicated is now easy, and seamless…
One day, though, the unthinkable happens. You’re bedridden, unable to take care of your business operations. What was once in your control is now slipping through your fingertips. A million thoughts run through your mind, what’s going to happen to the business now? Who is going to run the business? Will this person be capable of running the business?
This scenario is undoubtedly a difficult one to imagine, but unfortunately it is within the realms of what can happen.
Just in case the unthinkable does happen, one way that will help you put your mind at ease, and ensure that your business is still safe, is to have a power of attorney.
What is a power of attorney?
A power of attorney is a legal document that allows an individual (principal) to grant another person(s) (attorney) authority over their decisions in the occasion that they are incapable or busy. You can find more information on what a power of attorney is here.
How to create a power of attorney:
1. Find the company attorney
Choose the person carefully. Keep in mind that the person you select will have the same powers you do while you are unable to fulfil your duties. You can customise the power of attorney document, to place limits on the control the person has. However, you should ensure you communicate these limitations to the attorney, so they know what to expect.
2. Seek a legal professional to customise the documentation for you
The Power of Attorney document is significant, and we recommend that you seek professional help when creating one. This will ensure that the document you create is tailored to meet your specific requirements. LawPath can assist you in finding the right solicitor for this task, just request your free quote here.
3. Sign the form in front of a legal witness
Once you have completed the document, you must sign it in the presence of an eligible witness. This person is a legal practitioner (solicitor or barrister), Registrar of a NSW Local Court, or an accredited officer from NSW Trustee & Guardian.
Unsure where to start? Contact a LawPath consultant on 1800LAWPATH to learn more about customising legal documents, obtaining a fixed-fee quote from one our network of 600+ expert lawyers or any other legal needs.