Powers of Attorney are an important financial management and planning tool.

The single General Power of Attorney (Financial) NSW form that was previously prescribed for general and enduring powers of attorney has been replaced with 2 separate forms:
• a general power of attorney – which ceases if the principal loses mental capacity; and
• an enduring power of attorney – which continues if the principal loses mental capacity.

The changes are in the Powers of Attorney Amendment Act 2013 No 23 and the Powers of Attorney Amendment Regulation 2013 (NSW). (Land and Property Information circular)

Use of the new form to create an enduring power of attorney will become mandatory in NSW from 1 March 2014: LPI will only accept enduring powers of attorney signed on or after 1 March 2014 if they are on the new form.

All powers of attorney (both general and enduring) signed on or before 28 February 2014 and general powers of attorney signed on or after 1 March 2014 will continue to be accepted for lodgement at LPI regardless of the form on which they are created.