Power of Attorney: Who Qualifies and What You Get
Learn how a Power of Attorney allows a trusted person to manage your affairs if you are unable to do so yourself.
A Power of Attorney is a legal document that allows a person you trust to make important decisions on your behalf if you become unable to do so yourself.
Who it's for
This scheme is available to any adult.
What you get
By setting this up, you gain the ability to designate a trusted individual to handle your personal, financial, or legal affairs. This ensures that someone who understands your wishes can step in to act for you if you lose the capacity to manage your own business.
What it costs you
There are no costs to simply decide on your arrangements, but you will have to pay notary fees to have the document officially processed and legalized.
The catch to know
The biggest risk is failing to set this up in advance. If you become unable to make decisions and do not have this document in place, a court will step in to appoint a legal guardian to manage your affairs, which may not align with your personal wishes.
How to apply
- Decide which trusted person you want to act on your behalf.
- Determine exactly which areas (such as finances or healthcare) you want them to manage.
- Visit a notary to have the document formally drafted and signed.
- Keep the original document in a safe, accessible place and inform your chosen representative.