Should I Make a Power of Attorney

The simple answer is yes! If you have an income or property of any description it’s a good idea to execute a durable Power of Attorney especially if you believe that health problems may make it impossible for you to handle your personal financial affairs in the future. Even if you have no impending health issues, you should still have a durable Power of Attorney in case you, because of an accident or sudden illness, ever become unable to make decisions for yourself.

Have you ever considered what would happen if:-

  1. you were involved in a serious accident, which left you in a coma. What would your family do, in both the short and the longer term, if they had no power to access your bank accounts or take care of your business affairs?

  2. you began to have blackouts, and act in an out-of-character fashion. You’re diagnosed as having a brain tumour, and before long you lose the capacity to function normally, or make rational decisions. Will your property, financial and other affairs be stuck in limbo?

In both of these cases, a durable Power of Attorney would be of great assistance to you. During your period of incapacity, your agent would be in a position to manage the many practical and financial tasks that may arise. For example, bills will need to be paid, bank deposits will need to be made, and someone will need to handle insurance and benefits paperwork, …..etc.

 

Many other matters may need attention as well, ranging from handling property repairs and lettings to managing investments or even a small business. In most cases, a durable general Power of Attorney is the best way to take care of all these and other similar tasks.

 

In addition, by preparing a Power of Attorney now, you can ensure that a person of your choosing will manage your property, assets and affairs rather than a court appointed conservator.

 


 

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