A temporary Power of Attorney – how it could help you manage your financial affairs
A Power of Attorney is a legal document where one person ( the ‘donor’) gives authority to another person or people (the ‘attorneys’) to look after and manage their affairs because they are either no longer able to, or choose not to.
Although, you may be familiar with a Lasting Power of Attorney (LPA) to help deal with financial affairs or welfare issues in later life, you may not be aware that a temporary Power of Attorney arrangement also exists.
What is an ordinary Power of Attorney (POA)?
An ordinary Power of Attorney (POA) can be very useful.
It can be put in place if you need help from someone to look after your financial affairs on a temporary basis.
If you are facing a custodial sentence or lengthy remand awaiting trial, you may wish to appoint someone to act on your behalf to deal with your financial concerns.
Rather than conferring a general power, a POA can limit an Attorney to very specific acts. For example, you may use a POA to allow someone to sell a property on your behalf.
At the end of the chosen period you have set, or the conclusion of a particular transaction, the POA ceases and the Attorney will have no further power to act on your behalf.
If you would like to discuss how putting a Power of Attorney in place could help you manage your financial affairs on a temporary basis, please get in touch with us.
