What is a Power of Attorney and How Does It Help
A Power of Attorney is a legal document that permits another person to be your ‘attorney’ in the sense that he or she can take legal, financial, health, lifestyle and other decisions on your behalf. There are various degrees of power that you can bestow on your appointed attorney. It ranges from using your bank account, handling loan and other transactions (financial power), to managing your property (real estate power).
There are two types – the general power of attorney that lasts for a specified duration of time and an enduring power of attorney, which can take effect at a later point. The enduring power of attorney also takes effect when you lose the capacity to make your own decisions or when you voluntarily withdraw from taking any undertaking.
Who can be an attorney?
Your attorney need not be a qualified professional lawyer. He or she can be any person, usually a friend of a member of the family, anyone whom you trust to make important decisions on your behalf. You can, as well, appoint different attorneys to handle different needs- like financial attorneys to handle your banking needs and wills and estate lawyers to handle your property needs. You can decide whether the multiple attorneys whom you have appointed can take decisions jointly, in which case they are interdependent on each other for final agreement; or severally, where each attorney individually takes decisions on his./her own. Most of the family provision lawyers also handle this matter. See http://www.villarilawyers.com.au/.