A Power of Attorney is as important for life planning as making a Will. Many people prepare a Will but do not give the same consideration to appointing an attorney until it is too late.
A Power of Attorney allows you delegate the management of your affairs to someone you trust should you require it. The trusted person (your “attorney”), has the power to make financial decisions on your behalf if you lose capacity. Financial decisions relate to the management of your finances (eg. Paying your bills, taxes, selling or renting your home, using your income to pay for your needs or invest your money).
The Power of Attorney can also be used to assist people if they are overseas and need their financial affairs looked after.
People who are housebound due to COVID-19 (Corona Virus), can nominate a trusted person by Power of Attorney, to assist them at this difficult time. The Government has currently put in place advice on people over the age of 70 years not leaving their homes.
A Power of Attorney can be used temporarily, if you go to hospital, or due to health reasons an attorney can pay your normal bills on your behalf.
It can also come into place once a medical doctor deems it necessary that a person requires assistance in managing their financial affairs due to losing their mental capacity.
If you do not have a Power of Attorney in place prior to losing capacity, your financial decisions may be taken out of your hands and placed with others against your wishes.
Able Defence Lawyers will work with you to ensure the proper legal document, an Enduring Power of Attorney, is in place to ensure your wishes are protected.