At some point in our lives, we have all heard about “Wills” and why everyone should have one, no matter your age, background, profession or religious beliefs. It is generally understood that what you own when you die will automatically go to the state unless you have a will to distribute your possessions and/or money otherwise. However, not everyone is aware of something that is of equal importance – having a Power of Attorney. A power of attorney does not have to be a lawyer and can be anyone from a friend through to a family member. At surface level the famous expression “only two things in life are certain; death and taxes” is a testament to the fact we will at some stage or other need a will, but none of us know how we’re going to pass on or that we will reach that point in perfect health and with no incapacitating accidents along the way. In such circumstances, most people would prefer to have their well-being and property managed by a person of their choice, rather than rely on expensive court processes and statutory rules. This is why a Power of Attorney is so important to have in place, so that you know that no matter what, you will have someone you trust who can help you to manage your financial and personal affairs and that person, will be conducting your affairs and carrying out your wishes as you would have wanted.
There are different types of Power of Attorney and can be appointed for a limited period or an indefinite period. For example, a limited Power of Attorney can be used in situations where you are going overseas for business or on holiday and do not want to have to deal with your bills or affairs, allowing you to hand over the responsibility while you are away, enjoying true freedom when you desire.
Because you are effectively giving another person full control of your affairs and to act on your behalf, it is a legal requirement that you see a lawyer who will explain the details and the full extent of what rights your Power of Attorney will have. At Tyler & Co, you will be given a thorough and detailed explanation of everything you need to know, in order to make the right decision. Contact us today for an appointment to discuss what your options are.