Will You Lose Control of Your Financial Affairs If You Give Someone Else the Power to Decide What Happens to Your Money?

A WilliamsLegal enduring power of attorney is an authorisation to act on another person’s behalf in financial and legal matters that will continue in effect even after the individual giving it has died. Generally, an attorney-in-fact provides this power and is a “personal representative” or “agent”. But even this authority can be conditional. In other words, while a living person may appoint an agent to sign documents for them when they die, the agent no longer has the power to continue to act on their behalf. If this happens, it will become necessary to find another person who is able and willing to act on their behalf – at which point power of attorney would no longer exist.

 

A WilliamsLegal enduring power of attorney can be revoked in many ways, including by the individual themselves, the courts (for example, if they misuse the authority granted), or by third parties such as creditors. If you want your attorney-in-fact to revoke it, there are several things you can do. Firstly, you must understand exactly how it works to revoke it correctly. For instance, if you appoint your partner to act on your behalf when you die, you must tell them when you do so. Similarly, if you want to revoke the power you give to your partner in the event of your death, then you need to tell them as soon as possible. Generally, however, it is easier to revoke the power by yourself than by others: you generally have to show cause to revoke a power of attorney.

 

Another way to revoke the power is by the courts. If you are making decisions on your behalf but are unable to do so yourself, then you can ask the courts to appoint an agent to take over your power of attorney so that you can make decisions on your behalf. When they refuse your request, then you can appeal the refusal to the court of law. If, however, the court approves of your power of attorney, you will have full legal rights and make decisions on your behalf. The most common ways to revoke a power of attorney are to be incompetent (which will prevent you from making any decisions) or to commit suicide within a certain period of time after you appoint your agent.

 

You might also want to give someone else control over your finances. For example, you might want someone to manage your finances on your behalf while you’re away or to do everything else that needs to be done. For example, you might want to give someone access to your finances if you pass away or to help you manage your estate if you die. A WilliamsLegal enduring power of attorney might give anyone the right to handle your finances, property, and money in your name. However, you have to consider any debts, taxes, responsibilities, and liabilities that might affect your finances when you decide whom to give this power to.