A Powers Of Attorney (POA) is a legal document that gives another person (your attorney) the right to act on your behalf (grantor or principal) and manage your affairs. The attorney is responsible for executing the decisions on behalf of the personal, financial, patrimonial and legal affairs of the grantor. Therefore, it is crucial to name the right person who does not misuse the powers assigned to him by the grantor. Powers Of Attorney are generally classified in two different ways: general and durable. There is a general power of attorney for a specific period of time and it is only applicable when the grantor is mentally capable of making his own decisions, giving the lawyer limited powers to make decisions. An Enduring or permanent Powers Of Attorney authorizes the attorney to have full authority to grant on behalf of the grantor in the event that he becomes mentally incapacitated or any other condition mentioned in the POA. Below Is A Complete List Of Benefits That Highlight The Importance Of Having A Powers Of Attorney: 1) Practical Assigning a durable POA can be a practical way to manage your assets and other resources. It can be essentially helpful in the event of a short-term illness when you may not be able to handle your estate affairs fully. In these cases, your attorney is responsible for handling your pending issues. In cases where you are completely mentally unable to manage your own affairs, your attorney has the authority to make estate, legal, financial or legal decisions on your behalf. Therefore, it is a practical decision to designate a Powers Of Attorney. To ensure you choose the right attorney, it is important to hire an experienced attorney. An expert attorney not only ensures the credibility of your attorney, but also ensures that the POA is properly notarized. 2) Safe
Your agent or attorney is required by law to account for the expenses and administration of your capital and other assets. All major decisions must be approved by the grantor and require their final consent. In cases where the agent misuses or takes advantage of this power or does not fulfil the responsibilities and duties assigned to him, he faces the threat of extensive litigation. This is because if you appoint a lawyer and your intentions turn out to be fraudulent, the Powers Of Attorney can be used as evidence in the court of law. 3) Flexible When appointing powers of attorney, it is important to choose agents you can trust completely. This is because assigning a POA gives you complete freedom to be flexible. You can designate a single attorney or more than one attorney. You can appoint alternative or successive attorneys. You can order your attorneys to make decisions together or jointly, or you can order them to act separately if one of them is not available. 4) Convenient Life is unpredictable and circumstances are unpredictable. To ensure your peace of mind and the safety of your family and property, you need to take precautionary measures. The appointment of an agent or attorney ensures that, should something happen to you, in the late or near future, you have a trusted person in the form of Powers Of Attorney to carry out your wishes when necessary. Designating a POA can be a complex legal process. To better understand the importance of having a power of attorney and the procedure involved in assigning one, book a consultation with Jackson & Associates Solicitors in Adelaide Hills today.
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Jackson Associates Solicitors Belair, South Australia in dealing with Wills, Powers of Attorney, Advance Care Directives and Probate, Deceased Estate Administration services in Belair, SA Archives
November 2020
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