An Enduring Financial Power of Attorney is a legal document whereby one person (principal) grants another person the authority (attorney) to make legal and financial decisions on their behalf. A Power of Attorney can be used in several ways – from having another take care of your affairs whilst traveling to times of extended illness. This arrangement can remain in place as long as the donor is still alive.
Financial Powers of Attorney can be prepared in two ways – to come into effect immediately and to continue once the principal suffers a loss of capacity; or to come into effect at a future time (such as the onset of mental incapacity).
A Medical Power of Attorney is a legal document whereby one person (principal) grants another person the authority (attorney) to make medical decisions on their behalf. A Medical Power of Attorney is only activated when the Principal is unable to make their own medical decisions.
In order to sign a Power of Attorney, the principal must be capable of understanding the nature of the document they are signing and its effect. It is therefore important in situations where a Power of Attorney must be appointed that it is done so in a timely manner.
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