A power of attorney is a binding legal document, traditionally executed in the form of a deed, which permits one person to legally deal with the affairs of another person. Because the execution of a power of attorney may involve handing over full control of your financial, personal, household or other activities, belongings or affairs to another person, making a power of attorney is a serious business. A power of attorney should only be granted after taking proper legal advice.
Powers of attorney can be either general or specific. A general power of attorney allows the attorney to deal with any aspects of the affairs of the grantor, subject to restrictions traditionally imposed by law. A specific power of attorney allows the attorney only to deal with specified items or topics nominated by the grantor, or to deal only within certain limits (for example financial limits).
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A power of attorney can be an enduring or non-enduring power of attorney. An enduring power of attorney will continue to have effect even after the grantor loses the ability to think for themselves. For example, an elderly parent with onset dementia may grant an enduring power of attorney to one of their children or their lawyer, etc. This means that the attorney can make decisions for the grantor after their mental capacity is dismissed. Thus the attorney can invest the grantor’s funds, pay their bills, manage or sell their property and do anything else that the power of attorney authorises them to do.
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