Hello everyone and anyone
If I give someone Enduring Power of Attorney to handle my affairs (should something ever happen to me) can they look after my affairs relating to any company/trusts that I have set up or do I have to make them director of the corporate trustee?
I only have 1 property in trust atm but would like the extra protection.Anyone please
Regards,
NathanI think……. It you give someone a power of attorney, that they can act as if they are you. So if you are a trustee, they can act in your place. If you are a director, they can act in your place here too.
But, not 100% sure.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
I would seek legal advice on this one – I believe you may need to appoint them as an "Alternative Director" with ASIC as Directoral issues are distinct from personal duties. It may not fall under your PoA.
Again, seek legal advice at the time of having a PoA drawn up.
I recall now (memory fading!) that one of my clients made me attorney for him and his trust with a corporate trustee. I still have a copy of the document (and may go sell one of his properties for the sake of it!).
The document is a bit longer than a normal one (9 pages) and It was drawn up by group of lawyers, ie specifically designed and tailored to cover his trust with specific clauses.
No specific clauses relate to the company, though it is mentioned with the director signing as director in addition to signing as an individual.
hope this helps.
(if i recall it cost him a few hundred$$ to set up)
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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