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Certain events in our lives can make it incredibly difficult to look after our own financial affairs, for example, you are going overseas for an extended period of time. During that time you want a person to have the power to pay your bills and manage your finances.
This is clearly a big decision, you need to appoint a person who you not only trust but actually has the skill set to properly manage your financial affairs. You do not want to come home to find out you have debtors chasing you for unpaid debts or worse come home to realise all your assets are gone!
If you are considering a Power of Attorney it is wise to seek legal advice from the start. Our team at Vaarzon-Morel Solicitors will assist you in preparing a Power of Attorney, explain to you the benefits and risks of having one. It is essential that you understand the document you’re signing.
You may think the Power of Attorney document is a straightforward one, that you simply write the name of the Attorney and then sign. But a Power of Attorney document needs to be tailored to your individual needs. There is no need to give an Attorney more power than they actually need to satisfy your wishes. You need to be aware of your rights should you have any concerns that your Attorney is acting inappropriately.
Your Attorney is in a position of Trust and there are legal requirements for them to deal with your money and assets in a particular way. There is also record keeping requirements to protect your interest and their own. We are also here to answer your Attorney’s questions from the start. It is common for the Attorney not to be aware of their role and responsibility and not act in your best interest despite believing they were doing the right thing. Communication and understanding from the start are keys to avoiding any issues in the future.
If you are considering appointing somebody as Power of Attorney our team at Vaarzon-Morel Solicitors are more than happy to assist.
