Power Of Attorney – When To Prepare?

Why Should You Prepare A Power of Attorney?

We spend our lives planning for the future, from education to saving up for a rainy day. But there are aspects of life that we’d prefer it if we didn’t think about them. In fact, thinking about such things as your own funeral, or life insurance, or who will look after your business and personal affairs, in case of an unfortunate eventuality.

Unfortunate eventualities can happen to anyone at any age. Strokes, heart attacks, accidents, head injuries and a mental health diagnosis can seriously restrict you and leave you vulnerable. To avoid added stress both to you and your loved ones, a lasting power of attorney document will ease off the pressure.  

Family and Work

Consider that if you are unable to carry out your everyday tasks, such as paying your bills, run your business, how would you like your every day tasks to be handled? How would you like your business to continue? It would be shrewd to think of the unexpected and provide for all those who depend on you – your family, your staff or work colleagues and yourself.

The wise course of action would be to have a solicitor or lawyer prepare a lasting power of attorney. It isn’t as complicated as you may think but you will need to discuss this with a legal expert and possibly your loved ones, so you know who is prepared to take on certain responsibilities. There are two types of lasting power of attorney:

  1. Property and Financial Affairs which authorises a nominated person to deal with matters such as bill payments, buying and selling your assets including property, and managing finance including bank accounts and investments.
  2. Health and Welfare which authorises a nominated person to make decisions about your health and welfare, including residency and daily care.  

Contact a Legal Expert

You can contact a lawyer or solicitor and briefly discuss your desire to prepare for an eventuality that may restrict your ability or freedom to carry out your daily responsibilities and tasks. Your lawyer will explain what steps you need to take and will help you to decide the importance of nominating the right person for the right job.

If you are thinking of preparing a lasting power of attorney for various aspects of your life, please give us a call for an informal, confidential discussion. SG

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