A Power of Attorney is a legal document whereby you appoint a person or persons of your choosing to manage your affairs. You may not only identify who you would like to take on this role on your behalf, but you may also identify when and in what circumstances the person you appoint can act.
For instance, you may appoint someone to act on your behalf in circumstances where you lose capacity to act for yourself, or you can ensure the appointment is effective immediately. You can also nominate for what purpose you would like the appointed person to act. For example, the appointment may be very general whereby you appoint someone to make decisions relating to financial and health related issues. Alternatively, you may appoint someone for a specific purpose such as ‘to sell your house’. You may also put a time limit on the power such as ‘this power terminates on 30 June 2020′.
It is important that every adult, no matter the age or personal circumstances has a Power of Attorney. If you do not have a Power of Attorney, and circumstances arise whereby you are unable to make decisions for yourself, it is then too late for you to enter into a Power of Attorney without going through a legal process which can be costly and inconvenient.