The Enduring Power Of Attorney is the one that initiates even if the grantor becomes incapacitated. After a certain age, an individual becomes unable to take decisions of their basic as well as financial transaction. This negatively affects the dependants, service providers and the ones who own the property jointly with the grantor.
So, an attorney is appointed for handling the financial decisions and transactions on behalf of the grantor. He/she needs to perform his/her responsibilities diligently so that the grantor can lead a comfortable and enjoyable life. Thus, the attorney is required to be honest and trustworthy.
Looking after the responsibilities of the grantor does not mean that the attorney has gained ownership of the income and personal assets. It is just that the attorney can only manage the finances in the best possible way. …show more content…
You and your attorney both have full control over the money this includes writing cheques, signing documents, and many more. If, in case you become ill or injured the attorney needs to take over your responsibilities.
• The second one is the attorney is not liable to make any financial decision for you until you become ill or injured.
Depending on these two options the attorney of an Enduring Power of Attorney can function completely only when the grantor is incapable in doing so.
IMPORTANCE OF THE ENDURING POWER OF ATTORNEY
There is a misconception that if a person gets ill or injured, then his/her family member can make important decisions on his/her behalf. But, it is not that easy. The truth is that without an Enduring Power Of Attorney the family member cannot take legal decisions. In order to do so, family member or close friends need to apply to the court. This is time-consuming as well as might result to be expensive.
Thus, selecting an attorney will assure you that your property and financial matters are being taken care of by someone you
So, an attorney is appointed for handling the financial decisions and transactions on behalf of the grantor. He/she needs to perform his/her responsibilities diligently so that the grantor can lead a comfortable and enjoyable life. Thus, the attorney is required to be honest and trustworthy.
Looking after the responsibilities of the grantor does not mean that the attorney has gained ownership of the income and personal assets. It is just that the attorney can only manage the finances in the best possible way. …show more content…
You and your attorney both have full control over the money this includes writing cheques, signing documents, and many more. If, in case you become ill or injured the attorney needs to take over your responsibilities.
• The second one is the attorney is not liable to make any financial decision for you until you become ill or injured.
Depending on these two options the attorney of an Enduring Power of Attorney can function completely only when the grantor is incapable in doing so.
IMPORTANCE OF THE ENDURING POWER OF ATTORNEY
There is a misconception that if a person gets ill or injured, then his/her family member can make important decisions on his/her behalf. But, it is not that easy. The truth is that without an Enduring Power Of Attorney the family member cannot take legal decisions. In order to do so, family member or close friends need to apply to the court. This is time-consuming as well as might result to be expensive.
Thus, selecting an attorney will assure you that your property and financial matters are being taken care of by someone you