Are Powers Of Attorney Property And Power Of Attorney Personal Care Important?
Power of attorney is a legal document that gives another person (the attorney) the right to act on behalf of another person (the donor) during their life.
While Power of Attorney may be given to someone you trust if you need help in managing your finances or day-to-day care, it becomes especially important for aging seniors or those experiencing medical issues, who will eventually become incapable to handle and take decisions on handling their own financial affairs and medical care.
When sickness or accidents happen, the Powers of Attorney can protect your assets, finances and healthcare interests. It helps you ensure that your loved ones are not faced with emotional, expensive, and time-consuming delays in managing your affairs.
In your incapacity, no one has authority to act on your behalf if you do not have Power of Attorney.
Power of Attorney for Personal Care
A Power of Attorney for Personal Care allows you to designate another person to make decisions about your personal care. Personal care includes, but is not limited to, health care, medical treatment, hygiene, clothing, diet, housing, and safety.
Power of Attorney for Property
The Power of Attorney for Property to protect your property and finances. This means that they can do your day-to-day banking, sign cheques on your behalf, buy or sell real estate on your behalf, borrow money on your behalf and take on any other responsibilities listed in the Power of Attorney.
Both Power of Attorney (Property) and Power of Attorney (Personal Care) are important and everyone is advised to set them up for the benefits to oneself as well as for the safety of the property.
Don’t postpone getting your Power of Attorney in place. You never know what will happen the next moment. Be sure to contact your trusted lawyers at Madaans LLP. We will help you understand all the risks and benefits of a Power of Attorney document.