What is Power of Attorney and When Would You Need It ?
In simple terms, a power of attorney is a legal document where a person is nominated to act on your behalf (known as the agent) regarding your affairs. The document gives the nominated party the legal capacity to make decisions for you on things like financial matters and other duties. The person given attorney does not have to be a lawyer, although in many cases a law firm is enlisted to act as power of attorney. Some common tasks of those entrusted with power of attorney can include, but are not limited to: The buying and selling of property Operating bank accounts Organising the paying of bills and debts The power to vote in meetings And lots more… The tasks involved will depend on particular circumstances and what the principal (the person delegating the power of lawyer) requires and stipulates. When Might You Need To Delegate Power of Attorney? Many people only assume power of attorney is entrusted to someone when the principal no longer possesses the mental capacity t...