POWER OF ATTORNEY
Our team can provide essential information and guidance on managing your legal and financial future. From setting up a Power of Attorney to securing your family’s legacy through trusts, and protecting your assets from long-term care costs, we help you make informed decisions that bring peace of mind..
What is a “Power of Attorney”?
A Power of Attorney (PoA) is a legal document that allows you to appoint someone you trust (called your “attorney-in-fact” or “agent”) to make decisions on your behalf if you’re unable to do so. This can include decisions related to your finances, healthcare, or property.
We were impressed by the level of professionalism and dedication from you. You helped us put a solid estate plan in place and were incredibly patient in answering all our questions. It’s a huge relief to have everything organised.
Types of Power of Attorney (POA)
- General Power of Attorney: Grants your agent broad authority to manage your finances, legal matters, and property.
- Durable Power of Attorney: Remains in effect if you become incapacitated, ensuring that your agent can continue to act on your behalf.
- Health Care Power of Attorney: Specifically grants authority to make medical and healthcare decisions for you.
- Limited or Specific Power of Attorney: Grants authority for specific tasks or for a limited period of time.
Benefits of Establishing a Power of Attorney
- Ensure Your Wishes are Honored If you become incapacitated due to illness or injury, a PoA ensures your financial and medical decisions are handled according to your preferences.
- Avoid Costly Legal Battles Establishing a PoA can prevent family conflicts or costly legal proceedings, such as court-appointed guardianships.
- Immediate Help During Emergencies Your appointed agent can immediately step in to manage your affairs, avoiding any disruptions to your finances or healthcare needs.
Process of Setting Up a Power of Attorney
Choose Your Agent: Select a trusted individual to act on your behalf.
- Decide on the Scope of Power: Determine the type of PoA and how much authority your agent will have.
- Draft the PoA Document: Have a legal professional draft the document to ensure it’s legally valid.
- Sign and Witness the PoA: Ensure that the document is signed, witnessed, and notarised if necessary to meet legal requirements.
Risks and Considerations
- Abuse of Power: Granting broad authority can lead to misuse if the agent does not act in your best interest.
- Difficulty Revoking: Once a PoA is activated, it can be difficult to revoke if you become incapacitated.
- Potential for Conflict: Family members may disagree with the decisions made by your agent, leading to disputes.
…Richard, at Family Financial, made it sound so easy, and once we thought about what was important to us he handled everything, checked and double checked. We’ve never felt more secure about our families future
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