Power of Attorney
A ‘Power of Attorney’ is a legal document that allows you to nominate persons whom you trust (referred to as attorneys) to act on your behalf. The attorney is given the authority, to manage your legal and financial affairs, including buying and selling real estate, shares and other assets, operating your bank accounts, and spending money on your behalf. The Power of Attorney would cease to have effect if you were to lose mental capacity. However, an ‘Enduring Power of Attorney’ will continue to operate. In other words, the validity of the document endures any loss of capacity by the maker of the document. An Enduring Power of Attorney is a cornerstone is the basics of estate planning, and should always be considered when making a will and generally preparing for the future.