Have you considered who would manage your financial affairs should you be unable to do so for yourself? If you become incapacitated and do not have a Power of Attorney in place your family cannot automatically manage your financial affairs and will be required to apply to the Guardianship Tribunal for such power which can be costly and time consuming.
Appointing an Attorney now will ensure that a person you trust will be able to manage your affairs should the need arise. You can choose when the attorney will commence acting and also place limits on an attorney. An attorney’s appointment can be removed at any time.
There are two types of Powers of Attorney which can put in place and legal advice should be obtained to ensure you are signing the appropriate document for your circumstances. There are also strict legal requirements which much be observed when entering into a Power of Attorney and if these are not complied with the appointment may invalid.
It is important to note that a Power of Attorney does not allow your appointed attorney to deal with health and welfare decisions and you may also wish to put an Appointment of Enduring Guardian in place to deal with such issues.