Power of Attorney
A Power of Attorney is a legal document that grants authority to an individual, known as the Attorney, to make decisions and act on behalf of another person, known as the Donor. Powers of Attorney are commonly used to handle financial, legal, and healthcare matters when the Donor is unable to do so themselves due to illness, incapacity, or absence.
Different Types of Powers of Attorney
General Power of Attorney
This grants broad powers to the attorney-in-fact, allowing them to handle a wide range of financial and legal matters on behalf of the principal. However, it is important to note that a general power of attorney becomes invalid if the principal becomes incapacitated.
Limited or Special Power of Attorney
This grants specific powers to the attorney-in-fact for a particular purpose or within a defined scope. For example, a limited power of attorney may be granted to handle a real estate transaction or manage business affairs while the principal is out of the country.
Lasting Power of Attorney – Finance & Property
This document grants the Attorney the authority to make decisions on behalf of the Donor in respect of financial and property matters when they are unable to do so themselves.
Lasting Power of Attorney – Health & Welfare
This document grants the Attorney the authority to make decisions on behalf of the Donor in respect of health and welfare matters, including care when they are unable to do so themselves.
Lasting Power of Attorney – Business
This document grants the Attorney the authority to make decisions on behalf of the Donor in specific respect of company matters when they are unable to do so themselves. This is ideal for business partners or co-directors.
Powers of Attorney Benefits
Decision-Making Authority
Powers of Attorney allow the principal to choose a trusted person to make important decisions on their behalf. This ensures that their affairs are managed according to their wishes, even if they are unable to communicate or make decisions themselves.
Continuity and Convenience
Having a Power of Attorney in place can prevent disruptions in financial matters, legal affairs, or healthcare decisions. It provides a seamless transition of authority, ensuring that important matters are handled without delay. Significant delays and confusion can create great upheaval and costs without a Lasting Power of Attorney in place – particularly if you share assets with others (eg a spouse or co-owners or your business).
Protection and Peace of Mind
By appointing a Power of Attorney, individuals can protect themselves from potential financial exploitation or healthcare decisions they disagree with. They have the reassurance that a trusted person will act in their best interests and according to their wishes.
How Beavis Morgan Can Help
Beavis Morgan can assist you in creating a Power of Attorney that aligns with your specific needs and preferences. Our experienced professionals will guide you through the process, explaining the legal requirements together with a legal firm, and helping you choose the right type of Power of Attorney to suit your circumstances. With our expertise, you can have peace of mind knowing that your affairs will be managed by a trusted individual in accordance with your instructions.
