What is Power of Attorney?
Although a power of attorney or guardianship isn’t pleasant to think about, it is an essential conversation you must have. A power of attorney is a document whereby one person (called ‘the principal’) authorises another (called ‘the attorney’) to act on his or her behalf, generally in relation to financial and property decisions. This attorney can be anyone; however it is usually a solicitor. The power of attorney cannot be used after you die and will also expire when you lose mental capacity – unless it is an enduring power of attorney.
An attorney can have significant power over your affairs. You should choose an attorney who you trust and will manage your finances in a responsible way. An attorney must be over the age of 18, be competent enough to make decisions, seek expert advice where necessary, respect your wishes, and be healthy enough to carry out the appointment. An “enduring guardian” occupies a similar role to an attorney with enduring power, but will generally have wider powers than an attorney.
If your financial affairs are complex you should appoint an attorney who is capable of managing complex affairs and is available to do so – The Quinn Group can help you with this.
At The Quinn Group our team of lawyers can assist you to tailor your power of attorney to a specified individual task. We can also draft a broad power of attorney to cover many financial matters and transactions, depending on what you require. The power can be given to start immediately or upon the onset of mental incapacity. The power of attorney will enable your affairs to be managed by a person of your choice when you are unable to conduct those matters yourself.
If you have any queries or require more information regarding a power of attorney submit an online enquiry or call 1300 QUINNS (784 667) to book an appointment.