A power of attorney allows someone to sign legal documents and to deal with other important affairs on your behalf. There are several types of powers of attorney, the most common being ordinary powers of attorney and enduring powers of attorney.
What is an ordinary power of attorney?
An ordinary power of attorney is a means of allowing someone you trust to manage your affairs whilst you still have mental capacity. You can grant someone with a power that deals with a specific issue or that allows them more general powers to cover all of your affairs.
If you are someone who spends long periods of time away from your home or business this could be an effective way of ensuring that your affairs are being properly looked after in your absence.
What is an enduring power of attorney?
An enduring power of attorney, is very similar to an ordinary power, but it allows the attorney to carry on dealing with your affairs after you have lost your mental capacity. You can also create an enduring power that does not become effective until you have lost your mental capacity. Once you have lost your mental capacity an attorney will have to register the power with the court and notify members of your family of their intention. If there are no objections they will be able to carry on acting as your attorney.
When is the best time to make an enduring power of attorney?
Usually a person thinks about making an enduring power at the same time as they make their will as the two both involve planning for the future.
However, some people choose to create an enduring power much earlier to cover situations such as if they were to become seriously ill or badly injured in an accident.
Who should I appoint as my attorney?
Granting someone with an enduring power is a big step and it is essential that you choose someone who you know you can trust. You must be satisfied that they are going to act in your best interests. Usually this will be friends and relatives. You could also consider a professional such as your accountant or an advocate.
You may wish to consider appointing more than one attorney as added protection. You can appoint multiple attorneys in two ways- jointly (both must act together) or joint and several (both can act together or separately).
Corlett Bolton & Co has an experienced team of advocates who have been providing the island with power of attorney related services for over 15 years so whether you require us to draft the necessary documentation or even act as your attorney, we will be happy to assist you.
