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Power
of Attorney
Whether or not you need a Power of Attorney depends upon your
ability to reason and your ability to communicate your rationale.
For example, if one should become temporarily or permanently disabled
or is somehow incapacitated this can strongly suggest a need for
a Power of Attorney.
If
incapacitated, one may be incapable of carrying out one's financial
affairs and may not have the mental ability to authorize a Power
of Attorney. In such an instance it would be wise to have Power
of Attorney delegated to one or more other individuals.
There
are different types of Power of Attorney. One type may be quite
broad and include all the acts that an individual might carry
out by his or herself relating to their estate. Alternatively,
the individual might choose to limit the duration and range of
Power of Attorney.
To
illustrate: the Power of Attorney might limit the client's attorney
to certain duties pertaining to the sale of property or to the
client's affairs with his financial institution. When Power of
Attorney is granted, the individual is entrusting certain aspects
of his or her livelihood to another individual.
Hence, it stands to reason that Power of Attorney should be granted
to attorneys that are undoubtedly trustworthy, capable and wholly
familiar with the individual's estate so that sound objective
decisions can be reached.
Some
people may choose to grant Power of Attorney to multiple individuals
and make them act together. Although this may promote inexpedience,
the individual may have more peace of mind knowing that the likelihood
of an abuse of power taking place is greatly reduced.
The
Power of Attorney will commence on the date it is signed or on
another date specified by the client. However, if Power of Attorney
is to be granted when the individual is mentally incapacitated
or physically disabled, then the definition of 'disabled' and
'incapacitated' must be specified precisely beforehand.
Power
of Attorney will cease activity at the end of a specific duration,
should one have been specified. If Power of Attorney was not set
to run for a specific duration, then the client has the ability
to revoke it through a written notice. This written notice of
revocation should also be given to any and all third parties;
otherwise the client may remain bound by the attorney's actions
even once revocation has ceased.
Adapted
from: It's Legal! www.itslegal.com
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