Power of Attorney recipes
4 Ways Power of Attorneys Can Save You Heartache
A Power of Attorney is like an insurance policy that guarantees your affairs will be conducted in the manner you intended. You have a choice between making a general Power of Attorney and an enduring Power of Attorney with the latter being the most popular choice for people as they approach retirement age.
Let’s take a look at how powers of attorney actually work. Before you can appoint a Power of Attorney, you need to be able to understand the implications and consequences of what you are doing. If you do not have the capacity to understand this, the appointment will not be legally valid.
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How a Power of Attorney Works
When you have a valid Will in place you know that your estate can be administered efficiently after you die. However, if you lose your mental capacity to make decisions before you die, what happens to your everyday affairs? Well, quite simply, if you don’t have a Power of Attorney in place and if you are deemed to be mentally incapable of taking care of your affairs, then it will be left to a court to make decisions for you and this generally means that your bank accounts and investments will be placed in the hands of a bureaucrat to administer on your behalf.
This can cause a lot of angst to the remaining family members, and your wishes may not necessarily be carried out.
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5 Reasons to Have a Power of Attorney
A Power of Attorney is a legal instrument which allows a nominated person to make legal and financial decisions on behalf of someone else. You can imagine the problems that occur with administering the financial affairs of an ageing parent, who suffers from the onset of dementia. They are incapable of making rational decisions and are in danger of losing assets with a simple signature on a document they no longer have the ability to understand.
You can avoid the added problems which can arise as one grows older, especially in cases like dementia, by granting a power of attorney to a trusted family member. It is not just a matter of common sense, it can be vitally important for the peace of mind of the family, and can bring some rationality to an otherwise trying period of life.
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