Wills and Power of Attorney in Australia

Broadly speaking, a power of attorney is a legal document that authorises another individual to manage the business or other affairs of the person that issued the power of attorney and on his behalf. On the other hand, a will is a legal document that allows to make a decision on what is going to happen to the will maker’s property and assets in case of his death. In order to better understand the differences and significance of a will and power of attorney, it is essential to review the general principles of Australian law that regulate these two types of legally significant documents. First and foremost, Australian law defines a will as a written, not oral, document that incarnates the true wishes of the person regarding the distribution of his property after his death. Under Australian law, an individual who creates a will is usually known as a ‘testator’. The creation of a will makes it possible for the person to select different options of property distribution by designating what is going to happen to his assets in case of his death. Aside from the above, the creation of a will enables the will maker to designate an executor, who will be responsible for bringing the will maker’s wishes into life.