A Power of Attorney, a legally binding document, allows you to nominate someone to make certain decisions and act for your benefit. If you are unable to do so or you don't wish to act on your own, Powers of Attorney can be used.
You might make one if you're out of town or in hospital for an extended time and need someone to look after your assets or protect you and your assets in the event you lose your mental capacity. You can easily check on the website about attorney’s and for more legal services.
This is the biggest fear people have when it comes to giving another person control of their assets. This fear is completely unfounded, as attorneys have strict restrictions on what they can do and cannot.
There are many checks and balances that an attorney must follow to ensure they do not abuse their position. These include rules about how the power can be registered so it can be used.
You are the first to put restrictions in place. You have the option to place as many or as few restrictions as you wish on your attorneys when creating a power, particularly a lasting power.
The Office of the Public Guardian imposes a second set of restrictions. These rules outline how attorneys must behave. They are prohibited from acting outside the power granted and they must always act in the best interests of the donor.
Many of us put off this task because we don't know if we will need it in the near future or if we don't have the time.
Powers of attorney aren't just for those who have dementia or other concerns. There are many things that can occur which could make you need an attorney right away, such as an unexpected hospital admission, unplanned travel out of the country or tragically, a loss of capacity.