Power of Attorney
A Power of Attorney is a legal document that gives another person or organisation the power to deal with your assets and financial affairs while you are still alive.
Granting a Power of Attorney to an individual or an organisation is a very serious decision. The person you ask to look after your financial and legal affairs must be responsible, knowledgeable and experienced. More importantly, you must be able to trust them to ensure they keep your best interests at heart.
A Power of Attorney can be revoked or cancelled at any time as long as the principal still has mental capacity.
Types of Power of Attorney
There are different types of Power of Attorney available, depending upon your needs both now and into the future. The team at Coleman Greig can work with you to determine the most appropriate form of Attorney and then prepare the relevant documentation to ensure that your financial and legal affairs are taken care of properly.
- An active Power of Attorney is one where you direct an individual or organisation to act immediately to make your financial and legal decisions
- A dormant Power of Attorney is one in which the document is activated if and when required
- An enduring Power of Attorney is a permanent arrangement that will remain effective even if you suffer loss of capacity due to illness or unsoundness of mind
- A limited Power of Attorney is restricted as to time or to carrying out only certain tasks.
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