An Enduring Power of Attorney is a legal document that gives another person or persons the right to manage and run your affairs if you become mentally incapable of doing so yourself. Your incapability has to be approved in writing by two independent medical examiners or by a trusted person who will be given right to declare your mental incapability
An Enduring Power of Attorney is a legal document that gives another person or persons the right to manage and run your affairs if you become mentally incapable of doing so yourself. Your incapability has to be approved in writing by two independent medical examiners or by a trusted person who will be given right to declare your mental incapability. It is very important that before you sign the Enduring Power of Attorney you consult with your lawyer. It is a very useful document, but it can do lot of harm if you give the power to the wrong person. Anything can happen and Enduring Power of Attorney will help your family to manage your affairs or bank accounts if you are in coma for example, you can simply give your wife the authority to run your affairs. In case you don’t have such document signed, your family will need a lawyer to get the rights to manage your affairs, needless to say that the legal delays can lead to damages of your business or financial status. It is also useful to sign this document if you have a disease that can critically affect your health, or you simply loose mental capability with age.
There are two types of Enduring Powers of Attorney, the one that takes effect immediately upon signing and another when you become mentally incapacitated. Which type to choose depends on the situation, if you have a serious health problem it is sometimes better to let another person manage your affairs even before you loose the ability to make serious decisions. A lawyer must not necessarily be present at the signing of the document, but you must attend a lawyer before signing. A lawyer will sign a certificate of legal advice declaring that you gave the enduring power of attorney voluntarily and that you understood what you were signing. The lawyer also reviews a list of notes that is prescribed in the Powers of Attorney Act.
So what rights does the Enduring Power of Attorney actually provides? First of all the appointed attorney will have the authority for example to sell your home, sell your car, make changes in the bank accounts and make investment decisions, basically to do anything that you are legally capable of doing while you are well and what you can lawfully do. Also the attorney can have the authority to take care of your spouse and children's financial needs. There can be also a number of conditions and restrictions that can be set in the document and it is best to discuss them with your lawyer.
The Enduring Power of Attorney can be revoked in various cases. You can revoke it anytime if you are still mentally capable of understanding the process of revocation. It is revoked after your death and it can also be revoked if and interested party makes an application to the court and demands to terminate the authority of the person appointed as attorney.
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