There are many benefits of getting an enduring power of attorney. Having an enduring power of attorney is a way of preparing for the future. An enduring power of attorney is a legal document or an agreement that allows a person to appoint a third party or a trusted person to execute legal or financial decisions on the person’s behalf. An enduring power of attorney can be executed by anyone who is 18 years old and above with full legal capacity. Only those who are able to understand the nature of the agreement can execute enduring power of attorney. Here are some of its benefits:
Management of finances
In the event that a person endures an injury that will render him mentally or physically incapacitated, an enduring power of attorney will take effect if you have executed one prior to event. The legal document will allow your appointed person to handle your finances, including your estate and other properties. This way, you no longer have to worry about the management of your finances, in the event that you can no longer physically or mentally do so.
Execution on your behalf
An enduring power of attorney is particularly important if you have underage children who are not yet in their legal age to handle your financial affairs. Make sure that the person you authorize is someone you completely trust and someone who can manage your financial affairs properly. A spouse or an immediate family member is a good choice. Apart from your loved ones, a reputable lawyer is also an excellent choice. A lawyer has the expertise to manage complex financial and legal affairs without any personal interest on your matters.
Peace of mind
By having an enduring power of attorney, you can have the peace of mind that whatever tricks life may play at you, your finances and legal matters will be properly managed. If you lose your mental or physical capacity without an enduring power of attorney, your family may have difficulty managing your legal and financial affairs. It may even cause a divide within your family for unclear arrangements.