How You Can Protect Your Dependents Or Business Interests If You Fall Ill
Published date | 17 August 2021 |
Subject Matter | Coronavirus (COVID-19), Financing, Operational Impacts and Strategy |
Law Firm | Giambrone & Partners |
Author | Giambrone & Partners LLP |
The world is still reeling from the impact of the coronavirus pandemic that, for most people, was entirely unexpected. One stark lesson that has arisen from such an unprecedented situation is that young adults cannot assume, as in the past, that youth or fitness is sufficient to assume that there is no urgent need for contingency plans for the future protection of those for whom they have assumed responsibility such as their children if they are not able to.
Many people bear responsibility for others, adult children frequently manage an elderly relatives affairs without giving any thought to what would happen if they themselves lose capacity. As the coronavirus pandemic continues to sweep across the globe, whilst in a less virulent form, nobody can tell if or when they may suddenly be unable to fulfil the responsibilities.
Few young adults consider what would happen to their dependent family if they could not make their own decisions. Married couples often assume that the spouse can assume all responsibilities but this may not be the case for everything that may be required.
There an extremely simple solution that has more than one application. A Power of Attorney enables responsibility to be placed into another person's hands, either temporarily or on a permanent basis, depending on the situation.
Giambrone & Partners' private client lawyers point out that a Power of Attorney has more than one application and is not just for fading elderly relatives who are unable or unwilling to navigate the challenges of their own finances or for the temporary incapacity of grave illness. Individuals with dealings overseas can grant a Power of Attorney to their professional representatives to act on your behalf with absolute authority to protect your interests enabling real estate purchase, business transactions and financial matters such as an overseas investment to be dealt with.
The types of powers of attorney that are currently available are an Ordinary Power of Attorney and Lasting Power of Attorney. Previously there was an Enduring...
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