POWERS OF ATTORNEY
A power of attorney is a legally binding document giving power to a person (the appointed attorney) to act in the best interest of another person’s (the principal’s). The attorney makes financial, legal or personal decisions for the principal. However, it depends on the type of power given to the attorney.
The principal must understand:
- The nature of the document signed;
- Powers granted to the attorney;
- Powers retained by principal; and
- Options to cancel or change attorney.
Some of the different types of power of attorney are as below:
- General non- enduring power of attorney – acts on your behalf for specific purposes like selling a house, managing a bank account;
- Enduring power of attorney – makes financial or personal decisions on your behalf, the authority to act on your behalf does not cease if you become physically or mentally incapable of managing your own affairs; and
- Supportive power of attorney – limited to assisting with financial or personal matters or both, or for a specific purpose, they cannot make decisions on your behalf.
Roman Lawyers have extensive experience in preparing powers of attorney, please contact us for a private consultation.