Power of Attorney
A Power of Attorney can be:
- A General Power of Attorney
- An Enduring Power of Attorney.
General Power of Attorney
A General Power of Attorney is usually used in a business context by a corporation or an individual. It can authorise your attorney to deal with your personal or financial affairs, or both, and comes into effect on the date you elect. It may limit the extent to which your attorney may deal with those matters. A General Power of Attorney does not operate when you lose capacity to make decisions.
Enduring Power of Attorney
Under an Enduring Power of Attorney, you may give your attorney the power to deal with all or any part of your financial, personal and health matters. An Enduring Power of Attorney for financial matters immediately comes into effect once it is signed or at your option on the date or event (for example, incapacity) you elect, and continues to operate when you lose capacity to make decisions. Your attorney can deal with your financial affairs at the same time as you, unless you specify otherwise. For personal and health matters, your Enduring Power of Attorney goes into effect whenever you suffer loss of capacity.
Making an Enduring Power of Attorney
To be valid, your Enduring Power of Attorney must be in the approved form and comply with strict witnessing requirements.
A Power of Attorney is an Important tool to have – especially now.
Your Business Checklist… are you ready? Power of Attorney is an Important tool to have – especially now. We are all anxious about the future. The challenges that coronavirus will bring are unprecedented, ever changing and daunting. However, there is something you can do now that could help you and your business if you end up needing to self-isolate or quarantine.View All News