Power of Attorney

Power of Attorney for Property or an Enduring Power of Attorney - the two terms mean the same thing. Both are terms for a legal document, signed by you in front of two witnesses. In it, you authorize a person, or people, to make financial decisions on your behalf if, because of accident or illness, or in the event that you become mentally incapable, you should become incapable of acting for yourself.

There are two types of Power of Attorney,

• A Continuing Power of Attorney or a Power of Attorney for Property deals with your personal possessions and finances

• A Power of Attorney for Personal Care deals with your personal health care decisions such as hygiene, shelter and consenting to medical treatment

Ask yourself what your family would do if they didn't have the power to access bank accounts or manage your business affairs if you were in a car accident and in a coma? Further what would happen to your finances if you became mentally incompetent? A Power of Attorney for Property authorizes someone to deal with and manage your property for you. Your property includes all your assets and finances unless you specifically exclude certain things.

The term "attorney" refers to the person you give the authority to and should not be confused with your lawyer. You can name one attorney or more than one. You can require that they act together ("jointly") or you can have them act separately as well as together ("jointly and severally"). If you designate more then one, you should include some form of disagreement resolution.

A will only covers your affairs once you pass away and a bank's power of attorney allows the person named to manage your assets deposited with that bank, but only that bank.

By preparing a Power of Attorney for Property now, you can ensure that your property, your assets, your bank accounts, are managed by someone you trust who knows you and what you want, to act in your best interests, when you can no longer make the decisions for yourself.

Probate is the procedure by which a will is approved by the Court as the valid and last will of a deceased testator (the person who made the will). It also confirms the appointment of the person named as executor in the will. The Court gives the executor documents, called the letters probate, as proof of his or her authority to deal with the estate.

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