Powers of Attorney Act 2003

Any person who is named as a beneficiary (a named beneficiary) under the will of a deceased principal who executed an enduring power of attorney has the same interest in any surplus money or other property arising from any sale, mortgage, charge or disposition of any property or other dealing with property by the attorney under the power of attorney as the named beneficiary would have had in the property the subject of the sale, mortgage, charge, disposition or dealing, if no sale, mortgage, charge, disposition or dealing had been made.

The surplus money or other property arising as referred to in subsection (1) is taken to be of the same nature as the property sold, mortgaged, charged, disposed of or dealt with.

Except as provided by subsection (4), money received for equality of partition and exchange, and all fines, premiums and sums of money received on the grant or renewal of a lease where the property the subject of the partition, exchange, or lease was real estate of a deceased principal are to be considered as real estate.

Fines, premiums and sums of money received on the grant or renewal of leases of property of which the deceased principal was tenant for life are to be considered as the personal estate of the deceased principal.

This section has effect subject to any order of the Supreme Court made under section 23.

A person is named as a beneficiary under a will for the purposes of this section if—

the person is referred to by name in the will as being a beneficiary, or

the person answers a description of a beneficiary, or belongs to a class of persons specified as beneficiaries, under the will.

This section does not apply to any person to whom section 83 of the NSW Trustee and Guardian Act 2009 applies.