Power of Attorneys and Your Affairs
Who would you want taking care of your affairs if you were no longer able to? Many people can be faced with having to make this decision and want ensure you get it right.
Once you have made the right decision you can appoint that person as your Power of Attorney. But what exactly is a Power of Attorney. This gives someone the right to act legally on your behalf to the extent you specify in the Power of Attorney.
There are two types of Power of Attorneys:
General – You appoint some to help look after your affairs. The person could be a family member, solicitor, friend or some one you trust. You can specify the Powers do deal with matters such as your money, property, personal affairs, or your estate. Or it could be to deal with your affairs whilst you are away over seas. A general Power of Attorney only remains valid whilst you still have legal capacity. It will cease if you lose mental or physical capacity to instruct the attorney.
Enduring Power of Attorney – This type of appointment of an Attorney grants the power to deal with all of your affairs if you become mentally incapable. But you must arrange the Enduring Power of Attorney before you become mentally incapable to administer your own affairs otherwise the Enduring Power of Attorney will be invalid. In this category there are two types of Enduring Power of Attorneys. One gives the right to manage your financial affairs and property matters, the other gives the right to make legal decisions about your personal care and welfare.
So remember to make sure you give this Power to someone you trust.