Wills and Estates – Power of Attorney

Appointing power of attorney to the right person is one of the most significant decisions you can make, so finding someone that you fully trust to act in your best interests is important. Power of Attorney is a legal document that entrusts someone to oversee financial obligations on your behalf, with accountability a major consideration. In some cases, power of attorney is entrusted due to diminished capacity for sound decision making.

What is a power of attorney?

Power of attorney gives a trusted person the decision-making power on your behalf. If a person acting with power of attorney behaves in a manner contrary to your best interests, they can be made liable for any loss or suffering. Power of attorney representation assists in a lot of ways, with the person chosen:

  • Always acting in your best interests
  • Avoiding any conflicts of interest
  • Acting in accord with your instructions and directions with regards to your financial matters
  • Keeping their own finances separate from your accounts
  • Maintaining good records of any dealings or transactions made on your behalf

A power of attorney can be a relative, trusted advisor or representative from the legal profession or accountant. If you want certainty that your power of attorney valid, verified and legally binding, the expert Estate Planning Lawyers at Taylor & Scott can guide you through the process. For representing your best power or attorney interests, you don’t need to look any further than Taylor & Scott Lawyers.

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Why is it important to allocate a Power of Attorney?

With competent power of attorney on your side, the state of your finances and assets can be overseen.

What is Enduring Power of Attorney?

An Enduring Power of Attorney is a document that provides an attorney to act on your behalf in relation to financial decisions. A person authorised on your behalf with an enduring power of attorney can perform many functions as if they were you you would otherwise do, such as:

  • Depositing or withdrawing money from your bank account
  • Selling or purchasing property on your behalf
  • Investing in shares or other assets on your behalf
  • Paying bills and covering ongoing expenses
  • Signing legal documents such as leases and mortgages

If you don’t have an enduring power of attorney and you suffer a sudden accident or illness, there is a chance your assets can be frozen or distributed according to other legal guidelines.

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