This Enduring / Lasting / Continuing / Durable POA for individual is to appoint 2 attorneys to manage his / her financial affairs in case he /she becomes incapacitated / lack mental capacity to make decisions.
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The document should be signed by the authorised signatory (or directors of a company) and witnessed to complete the formality.
The document titled 'Enduring / Lasting / Continuing / Durable Power of Attorney' is a legal document that grants authority to one or more individuals to act on behalf of the donor in financial matters. This document is of utmost importance as it allows the donor to appoint trusted individuals as attorneys to make decisions and carry out financial transactions on their behalf.
The entire document consists of several sections that provide detailed information and instructions. The first section of the document states the purpose and revocation of any previous power of attorney. It appoints one or more attorneys to act on behalf of the donor in financial affairs. If the first attorney is unable to fulfill their duties, a replacement attorney is designated. The document also specifies whether the attorneys will act jointly or individually.
The document further elaborates on the authority granted to the attorneys. If the document is a general power of attorney, it lists various financial decisions that the attorneys can make on behalf of the donor, such as managing bank accounts, claiming benefits, paying bills, making investments, and buying or selling property. If there are any specific restrictions or conditions, they are mentioned in this section.
The document also addresses the issue of notification. It states that any attorney applying for the registration of this power of attorney must notify the other attorneys not joining in the application. Additionally, it may require the attorneys to notify specific individuals before applying for registration.
The power of attorney can be limited to situations where the donor lacks mental capacity or can be effective immediately upon execution. In the case of mental incapacity, the attorney will act with the donor's consent until the donor loses mental capacity. The document also includes an indemnity clause, where the donor undertakes to indemnify the attorneys against any actions or claims arising from the exercise of their powers.
The document concludes with spaces for signatures and witnesses. It may also include a certificate by a registered medical practitioner or solicitor, certifying the donor's mental capacity. If required, the attorneys acknowledge their duties and responsibilities.
Each section of the document provides detailed instructions and information, ensuring that the donor and attorneys understand their roles and responsibilities. It covers various scenarios and considerations to protect the interests of all parties involved.
Guidance for using the 'Enduring / Lasting / Continuing / Durable Power of Attorney' document:
1. Begin by carefully reading the entire document to understand its purpose and provisions.
2. Determine whether you need to appoint one or more attorneys. Consider individuals who are trustworthy and capable of handling financial matters.
3. If the first attorney may not be able to fulfill their duties, decide on a replacement attorney and specify this in the document.
4. Consider whether you want the attorneys to act jointly or individually. This decision should be based on your preferences and the complexity of your financial affairs.
5. If the document is a general power of attorney, carefully review the list of financial decisions that the attorneys can make on your behalf. Modify or add specific instructions as necessary.
6. If there are any restrictions or conditions, clearly state them in the document to ensure that the attorneys are aware of their limitations.
7. Determine if any notification requirements apply. If so, make sure the attorneys understand their obligations to notify specific individuals before applying for registration.
8. Decide whether the power of attorney should only be valid in situations where you lack mental capacity or if it should be effective immediately upon execution.
9. Consider whether you want to include an indemnity clause to protect the attorneys from legal actions or claims.
10. Once you have reviewed and finalized the document, sign it in the presence of witnesses as indicated.
11. If required, obtain a certificate from a registered medical practitioner or solicitor to certify your mental capacity.
12. If applicable, the attorneys should acknowledge their duties and responsibilities.
Note: It is advisable to consult with a legal professional to ensure that the document meets your specific requirements and complies with the laws of your jurisdiction.