2. Why do I need a Power of Attorney? I have a Will and I am capable of handling my own affairs
3. I am in good health so why sign a Power of Attorney now?
4. Are there different types of Powers of Attorney?
5. Can a Power of Attorney be revoked?
6. If I sign a Power of Attorney when does it operate?
- A document empowering you to choose someone to act on your behalf in dealing with your assets and finances during your lifetime.
2. Why do I need a Power of Attorney? I have a Will and I am capable of handling my own affairs
- By signing a Power of Attorney now you can provide for the future administration of your affairs should you be alive and become mentally incapable or were severely injured in an accident (your Will only operates once you die).
3. I am in good health so why sign a Power of Attorney now?
- You must sign your Power of Attorney while you still have the capacity to understand what you are doing. If you lose what is known as mental capacity, you cannot give a Power of Attorney.
4. Are there different types of Powers of Attorney?
- A Power of Attorney may be either limited or enduring: limited to deal with specific assets for a specific period of time; enduring so that it will still be operative even though you may become legally incapacitated through unsoundness of mind.
5. Can a Power of Attorney be revoked?
- While you are of sound mind you can always revoke a Power of Attorney if you wish.
6. If I sign a Power of Attorney when does it operate?
- When you so instruct or when your nominated attorney demonstrates by medical evidence that you are mentally incapable of looking after your financial affairs.
- Changes to the Guardianship Act allow a nomination of a person to make "lifestyle decisions" for you if you become incapable. For further information follow the link, "Enduring Guardianship" on the Estate Planning and Wills homepage.
