These allow a much trusted third party to deal with the affairs of someone who is no longer able to do so. Recent changes in legislation has meant a transition from something of a relatively simple document used to create a power of attorney to a much more complex “booklet” which is made through an application to the Court. It is important that these are completed correctly as any errors can often be costly and lead to unwanted delays.
Powers of Attorney ensure your affairs in relation to your Health & Welfare and Property & Finances are dealt with the moment they are needed and allows you to have peace of mind that you and your affairs are taken care of by the one person/people you trust, who know your personal wishes.
If you have your own business or have a key role within one, it is vital to ensure you have a Power of Attorney in place to ensure business continuity if anything happened which prevented you carrying out your business activities. Your business account could be frozen by the bank if you lacked capacity to manage your affairs which would impact the running of your business until someone obtained the authorisation of the Court to manage your affairs.