What is a Powers of Attorney? An attorney is one who has the power to decide on your behalf. They are an agent for your financial affairs. The Powers of Attorney is the legal document that outlines their responsibilities. This document can be prepared by a testator and editorial counsel, who may also advise choosing a Powers of Attorney. What You Need To Consider When Choosing a Powers Of Attorney Being a Powers of Attorney means that someone else can make many life-changing decisions on your behalf. So make sure you consider the following items. Choosing the Right Person Your first instinct when nominating a lawyer can be a close relative or friend. However, it is important to consider that they may have to make very drastic decisions in the future. Choose someone who is mature and responsible. You should choose someone you trust to keep your interest above yourself. General Powers of Attorney The Powers of Attorney is for a specific task and / or with a specific expiration date. A general Powers of Attorney allows you to appoint someone to participate in financial and property related matters on your behalf. The Powers of Attorney rests with the ability you possess. It also lasts for a period that has a specific purpose. A common example of this is when a company appoints a director to sign all the company's documents. Likewise if you appoint your lawyer to sign the contract on your behalf, then you are appointing the lawyer as a lawyer. Enduring Powers of Attorney
There may come a time in your life where you do not have the mental capacity to make decisions. The Enduring Powers of Attorney appoints a person to participate in matters related to your personal financial and property when you lose mental capacity. The document must be prepared before you lose your ability, and may include things like selling your properties and managing your finances. An Enduring Powers of Attorney is not used until you have lost the ability. How and when do I get a Powers of Attorney? It is best for caregivers to receive a Powers of Attorney as they notice that the health of their loved one is failing. Because all parties must fully understand the effects of the document, it is best that the document be executed before progressive diseases such as dementia worsen. Many families wait until it is late to meet the POA. If the senior does not have a sustainable POAS and has a health emergency, the family may end up in court for a battle of authority to make financial and health decisions to their loved ones. In a true emergency with Powers of Attorney, a stranger may end up making these important decisions for your loved one. It is important to note that the Powers of Attorney does not give absolute sovereignty to another person over the finances, property, or healthcare of another person. To obtain a Powers of Attorney, the person granting the Powers of Attorney must be mentally competent and able to understand what rights they are giving to someone else over their property, health and affairs. For durable powers of attorney, some requirements may be broadened that would give effect to the POA. Please contact Jackson & Associates Solicitors in Adelaide Hills to discuss your specific requirements when choosing a Powers of Attorney, and to prepare documents that best suit you.
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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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