Power of Attorney
The importance of a Power of Attorney
A power of attorney is an important part of your estate planning. A power of attorney is a legal document where you can appoint one or more people (known as the “attorney”) to act on your behalf for specific matters.
What is a General power of attorney:
You may choose to grant a general power to attorney to manage your legal and financial affairs, including the following:
- Buying and selling real estate and other assets on your behalf
- Managing your business while you are overseas
- Operating your bank account
It’s important to know that a general power of attorney ceases if you lose your mental capacity.
What is an Enduring power of attorney:
You may choose to grant an enduring power of attorney to the person of your choice, so that they can make legal and financial decisions on your behalf.
Rarely, do people plan for accidents or illness. It’s easy to think it will never happen to you, yet it happens to thousands of people each year. An enduring power of attorney continues even if you lose the capacity to make your own decisions about matters.
You may, therefore, wish to draft an enduring power of attorney in the event of failing cognitive health so that the
attorney can make decisions on your behalf when you are unable to do so.
Is it time you protected your family and your assets and ensured the continuity of decisions for your finances and real estate if you suffer a mental injury?
Indus Lawyers can assist you in drafting a power of attorney document that meets your particular needs and legal requirements.