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What is a Power of Attorney?
A document by which you appoint and authorise one or more people to manage your financial and legal affairs. You can specify:
- When the appointment is to operate
- Limited or unrestricted powers
- Whether attorneys must act jointly or whether they can independently exercise the powers
A Power of Attorney designed to continue to operate after you lose your mental capacity is called an Enduring Power of Attorney.
We recommend you consider appointing an Enduring Power of Attorney to conduct your financial and legal affairs in the event that you;
- Suffer from unsoundness of mind, a mental illness or other misadventure, which leads you to losing your mental capacity, or
- You are not up to physically managing your own affairs
In some states an Enduring Power of Attorney extends to decisions about medical issues. In other states an Advanced Health Care Directive (sometimes called a Living Will) is required to direct how medical treatment is to be administered.
Appointing an Enduring Power of Attorney is the best way to ensure that your wishes and your best interests are fulfilled.