What are the Types of Powers of Attorney and what are the Differences?
A Power of Attorney is a legal document that allows you to appoint another person to take control of your affairs should you become unable to effectively do so.
The person appointed becomes the agent, or attorney-in-fact, and the person who appoints is known as the Principal.
There are various types of Powers of Attorney and the one that you choose depends on the requirements of your current situation.
- Lasting Power of Attorney, relating to your financial affairs.
- Lasting Power of Attorney, relating to your heath and welfare.
It is important to note that dementia is on an exponential curve and therefore a Power of Attorney must be taken and put into place before dementia occurs as the individual must be of a sound mind to appoint other people to look after their interests whether it be health wise or financial.