Understanding Power of Attorney: Your Complete Guide
What is Power of Attorney?
Power of Attorney (POA) is a legal document that allows you to appoint someone you trust to make decisions on your behalf if you’re unable to do so yourself.
Types of Power of Attorney
Lasting Power of Attorney for Property and Financial Affairs
Covers decisions about:
- Buying and selling property
- Managing bank accounts
- Paying bills
- Investments
Lasting Power of Attorney for Health and Welfare
Covers decisions about:
- Medical treatment
- Care arrangements
- Life-sustaining treatment
- Where you live
Why You Need POA
Without a POA in place:
- Family may need to apply to the Court of Protection
- Decisions may be delayed
- Additional costs and stress for loved ones
- Your wishes may not be known or honoured
Choosing Your Attorney
Select someone who is:
- Trustworthy and reliable
- Good at managing finances (for financial POA)
- Understanding of your wishes
- Able to handle responsibility
- Available when needed
Setting Up Your POA
Steps to create a POA:
- Decide which type(s) you need
- Choose your attorney(s)
- Complete the forms correctly
- Register with the Office of the Public Guardian
- Inform relevant parties
Conclusion
Creating a Power of Attorney is one of the most important steps in planning for your future. It ensures that someone you trust can step in to help when you need it most.