If your circumstances suddenly changed and you could no longer manage your own affairs, do you have the necessary documentation in place to authorise another person to make financial and legal decisions on your behalf?
If you don’t then you ought to consider making a Power of Attorney.
A Power of Attorney is a document which allows you to appoint someone to manage your financial and legal affairs. For example it empowers your Attorney to manage your assets and operate your bank accounts.
The document may be structured in many different ways so that it is tailored to suit your needs, for example:
- You may appoint more than one person.
- If you appoint more than one person you can appoint them jointly or independently of each other.
- You can make a Power of Attorney for a limited period of time, for example, if you are planning to travel overseas.
- You can make an enduring Power of Attorney so it continues to operate even after you lose mental capacity.
- You can authorise your Attorney to give reasonable gifts on your behalf.
- You can authorise your Attorney to use your money to benefit another person, for example spouse or children.
- You can authorise your Attorney to act immediately, or you can require your Attorney to produce evidence of your mental or physical incapacity before they can make decisions on your behalf.
- You can impose conditions and limitations on the Attorneys power.
- You can give directions regarding management of certain assets.
At Everingham Solomons we have the knowledge and experience to assist you in drafting a Power of Attorney to suit your needs because Helping You is Our Business.
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