An enduring power of attorney is an authorisation to act for another person in financial and legal matters that will continue in effect even after the individual giving it has died. It is very different from a power of attorney, a legal document that authorises another person to make confident decisions on your behalf. The enduring power of attorney is a lease or other agreement that allows a person to use your assets for specific purposes for a predetermined period of time. If you die during the period of time specified, a power of attorney no longer applies, and all your properties revert to the person who holds power. Your decisions during that time are final, and nobody can alter them or take them away.
When you have a valid power of attorney, it gives you the ability to continue making financial decisions for a specified period of time, even after you pass away. This is known as “putting the attorney’s name forth for use.” When this happens, you must take the time to find a trustworthy agent and one that is capable of carrying out the wishes that are stated within the legal document. There are various types of agents, and you must understand them to choose the right one for your needs.
Electing a deputy: This is the most common form of appointing an agent. With an elective agent, you have a greater degree of flexibility over how and when your affairs are run, but it is also somewhat more complicated. The deputy needs to be a citizen and hold the capacity to act on your behalf. There must be a will involved (it is recommended that you make a will with your testament, should you die within the period of time stipulated within a power of attorney). Because this appointment is more complicated, it is recommended that you use the services of a solicitor for the process, as they will be able better to explain the implications of the enduring power of attorney and help you choose the most appropriate mode of appointment.
Deciding to appoint a personal representative: As already mentioned, there are various different ways in which you can nominate someone to look after your affairs. Some people might opt to go with an appointed individual because they want someone who they know will be able to make all of their legal decisions on their behalf. Others might wish to nominate a person they know will not neglect their desires. It is essential to understand that you don’t need to appoint a personal representative and that you can choose to make informal or straightforward arrangements. Suppose you decide that formal legal proceedings are required. In that case, however, you can appoint an official or a UCC practitioner who will act on your behalf when making certain legal decisions or carrying out other tasks related to your will or estate.