This blog is your express guide to what a power of attorney means. You never really know what life has in store, and making decisions about your money, belongings, or healthcare can be complex due to unexpected illnesses, accidents, or situations. A power of attorney (POA) can help with that. Using this legal tool, you can give someone you trust the power to act on your behalf.
Knowing the Fundamentals
Using a power of attorney, you can designate someone you trust to act on your behalf if you cannot make choices for yourself. Your attorney is the one you designate to act on your behalf while making decisions. A power of attorney may be required on a short-term basis, such as while in the hospital, or on a longer-term basis, such as if you are sick and cannot make decisions.
Power of Attorney Types
General POA – If you need to grant someone else the authority to manage your property for a bit, such as when going on vacation or leaving the country for a few years, a general power of attorney (GPA) is the best option. An ordinary power of attorney is another name for a GPA.
Lasting POA – With a lasting power of attorney (LPA), you can designate one or more individuals to act on your behalf while you’re still alive. The solicitors are the individuals you designate to oversee your affairs. If you lose the mental capacity to make decisions for yourself in the future or decide you no longer want to, you can choose someone you trust—your attorney—with an LPA to have the legal authority to make decisions on your behalf.
Enduring POA – Under English law, an enduring power of attorney (EPA) is a document that gives someone the authority to act on behalf of another individual in financial and legal affairs. An EPA can stay in effect even after the individual issuing it loses mental capacity, unlike other forms of power of attorney. This implies that it can be applied without going through the Court of Protection1 to manage the affairs of people who can no longer handle their financial problems.
A power of attorney is an effective instrument that helps you prepare for the unanticipated. By making one, you make sure everything is taken care of, even if you cannot do it yourself. It’s a tiny but important step toward a safer future.
Contact Spanish Probate Matters for Spanish probate assistance on 0208 1502010.
