Estate planning is critical to think about at a number of different stages in our life. Most people do not like to think about these things while they are fit, young and healthy, however it is essential that matters are addressed before decisions can no longer be made.
We had a huge response to our blog post about why make a will and we would like to build on this area over a series of blog posts.
It is important to make a Power of Attorney before you need it.
A Power of Attorney is a legal document made by one person that allows another person to make decisions in relation to legal and financial matters. It does not permit a person to make personal (including medical) decisions for the principal. If personal decisions need to be made for a person, then it may be more appropriate for an enduring guardian to be appointed.
The person who makes the Power of Attorney is known as the Principal and the person appointed to make the decisions on behalf of that person (subject to limits or otherwise) is the Attorney. It must be witnessed by a person over 18 years of age. In some cases, people limit the operation of a Power of Attorney to a specific time period. Different parameters can be put into place for your specific situation. For example, it may be necessary for you to make a Power of Attorney if you will be overseas and you are planning on selling your property. If using a Power of Attorney for a property transaction, it must be registered at Land & Property Information.
The key in this area is that decisions are made and legal arrangements are put into place whilst the person has capacity. Otherwise, the document will not be effective.
Note that the above are only some of the areas to consider when thinking about a Power of Attorney. As everyones circumstances are different, it is critical that you obtain legal advice about your situation. If yuo want more information or need to get a Power of Attorney drafted, get in touch with ClickLaw by clicking on the link below.