Who will manage my financial affairs if I can’t?
POWER OF ATTORNEY
A Power of Attorney is a legal document which assigns authority to any chosen person (the ‘attorney’) to do things with your financial assets. This can include managing or spending money, buying or selling shares, or buying, selling, leasing, or mortgaging real estate for you. This power is limited to legal and financial matters.
There are two types of Powers of Attorney:
- A General Power of Attorney operates only whilst you have capacity. It is useful for short-term appointment, such as if you were going overseas for a couple of months and wanted someone to take care of your finances while you were away. It is also preferable for one-off transactions, such as having someone buy a property on your behalf.
- An Enduring Power of Attorney continues to operate after you have lost mental capacity to manage your legal and financial matters. This arrangement is usually used for long-term decision-making power.
Have your power of attorney tailored to meet your individual circumstances and wishes. You won’t have to worry anymore about your financial affairs should you be unable to look after them.