Making a will seems like the obvious choice for ensuring your estate makes its way to the right people in the event of your death. But what happens if you need things to be dealt with before this time and you are unable to do so? Sheer old age, ill health or injury following an accident can all lead to the inability to deal with your financial affairs sufficiently. Whilst you may wish for a loved one to take on the responsibility, legally they will not automatically have the authority to deal with these issues on your behalf.
Over the last 20 years, a Power of Attorney has become recognised as just as important as a Will or Life Insurance policy. It provides similar protection should you not have the capacity to deal with your estate yourself and allows peace of mind for tragic unforeseen circumstances. A Power of Attorney allows another person to not only manage welfare and financial affairs on behalf of another person, but also to continue business on behalf an individual too.
Having a Power of Attorney in place means that should someone else need to manage your assets on your behalf, a financial and welfare guardian will not need to be sought through the courts. It can take months – and huge expense – to find a guardian when a Power of Attorney is not in place. A Power of Attorney can also act immediately when needed.
It is a common misconception that only the elderly can have a Power of Attorney. Though it is more common to have one when you are old, they can provide a safety net should anything happen to you at any age.