Having someone you trust to take control of your financial affairs when you are unable to do so is an important decision. Stacks can help you appoint a suitable power of attorney, so that you can relax in the knowledge that someone you trust completely will step in to make the best decisions on your behalf when needed.
A power of attorney (POA) is a legal document in which you appoint a person or trustee organisation of your choice to manage your assets and financial affairs while you are alive. It enables your financial affairs to be managed according to your wishes when you do not want to manage them yourself, or are unable to – such as when you are ill, travelling or simply do not wish to be burdened with the day to day management of your financial affairs.
You can use a power of attorney for almost any financial purpose, tailoring it to your particular needs. For example, you can authorise your attorney to collect debts, vote at meetings, operate your bank account, sell your house, manage your investments or carry out any other function which can be lawfully delegated. You may cancel your power of attorney at any time.
There are two types of power of attorney
General power of attorney - this is only valid while you are of sound mind and able to make decisions about your affairs. Should the situation arise where you are no longer sound of mind (for example, following an accident or injury), the POA is automatically cancelled. This type of document is often used by persons travelling overseas for a designated period of time and who require their assets to be managed or their bills paid.
Enduring power of attorney - this will continue to have effect after you have lost your capacity to self-manage. This is important for everyone, but particularly for elderly people.
You should bear in mind that choosing a POA is an important decision and you must be able to trust that the person you appoint will act in your best interests. You can choose the level of decision making power and access to your finances that they have, and at what times they may act on your behalf.
An experienced wealth protection lawyer at Stacks will be able to advise you about your unique situation and prepare the power of attorney document accordingly.
Need help with appointing a power of attorney? Speak to the specialist wealth protection lawyers at Stacks.