Power of Attorney
A power of attorney allows you to grant someone the right to deal with your financial affairs or assets either in a given situation, or for a prolonged period of time is you become too ill to manage your own financial matters (known as a lasting power of attorney).
A specific power of attorney can be given for a variety of circumstances, for example, if you own land abroad and wish to sell the land but are not physically present in that country, you can grant someone a power of attorney to deal with the sale of the land for you. The Power of Attorney can allow them to sign documents on your behalf, complete transactions and transfer the proceeds back to you, should you wish. Once the transaction is completed, the power of attorney will lapse and the administrator will no longer have any powers in relation to that land or any of your other assets.
A lasting power of attorney is given for a longer duration and allows someone else to deal with your financial matters, taking decisions on your behalf when you are too ill to do so, for example, paying your bills and managing your bank accounts. The power of attorney can also grant that individual the ability to make personal health decisions such as whether to proceed with blood transfusions and when to switch off a life support machine etc.
Our team will listen to your individual needs and discuss the options which you could include as part of your power of attorney. They will make sure you understand the consequences of granting someone a power of attorney and the powers which your appointed administrator will have.
Should the power of attorney be required to deal with a financial situation abroad, you may need to have the document notarised. Click here for more information.