Power of Attorney
It is a common misconception that a will and a power of attorney are the same thing. They are in fact two separate documents that serve entirely separate purposes. The Power of Attorney is a legal document that authorises an individual or a body of individuals to carry out the duties of signatories on your behalf in case of the management of your assets and finances. The Power of Attorney signifies that the person holding it can sign any document on behalf of the person who has issued it, that is, the person who is the actual owner of the assets and estate in question.
Manpriya Sarang Notary Public in Surrey helps you in figuring out such an option. At the same time, it is important for you to understand the various players and aspects involved in the creation of a power of attorney.
These are as follows:
The Donor :-
The person who brings the Power of Attorney into creation is the donor. This person is generally someone who requires assistance for whatever reason to deal with financial and other types of decisions.
The Attorney :-
This person is the one who has been appointed in the Power of Attorney by the donor to look after the interests of the latter. The attorney must be chosen with utmost care if he or she is not a member of one’s family.
The act of cancelling or declaring as null the clauses of The Power of Attorney and the document as a whole, in itself is known as revocation. This is usually done to safeguard the interests of the donors, and can be carried out in case of doubt, or if the donor is in a position to look after and manage his or her estate by himself or herself.
The Committee :-
In case there is an absence of a will or Power of Attorney, and a person or the donor is incapacitated, or in no position whatsoever to look after his or her affairs, then the Court appoints a person who will act on behalf of the donor.
IF YOU HAVE A WILL, DO YOU NEED A POWER OF ATTORNEY?
The fact of the matter is that these two documents are entirely separate, and created to look after entirely separate needs. These documents also operate under very different circumstances.
While a will is the document that comes into play after a person’s death, a power of attorney can operate only in so far as the person or the donor is alive. Once the person or the donor passes away, the Power of Attorney is automatically revoked or cancelled. In such a case, the will automatically comes into play. Both documents are highly essential and recommended. Do contact us for details on creation and execution of either document.