Power of Attorney
A Power of Attorney is a legal document in terms of which you authorise someone else, of your choice (“your Attorney”), to make decisions and act on your behalf. It acts a bit like an insurance policy to ensure that your affairs can be looked after by someone you trust if you are unable to do so personally. It is used to appoint someone to manage your finances and property or your general welfare, or often both, in the event that in the future you become incapable of doing so personally.
If incapacity does strike and you have not granted a Power of Attorney your family may face a distressing, time consuming and expensive process which would likely involve going to court to obtain the necessary powers to act for you. The process will likely take several months to complete during which time no one has power to administer your affairs e.g. get money from a bank account in your name. Many people think spouses or civil partners automatically have powers to act for each other if one loses capacity. ….this is not the case.
A more limited type of Power of Attorney might also be prepared if you were anticipating being out of the country for a while and important papers needed signed in your absence, perhaps in connection with a house sale.
We can help you make a Power of Attorney to cover your future needs and can provide advice to prospective or already appointed attorneys regarding their duties and powers.
Our Private Client team have years of experience in advising clients on granting Powers of Attorney and will guide you smoothly through the process.