23/06/2023 0 Comments
Better Plan Your Future: Explaining the Power of Attorney
The power of attorney is a powerful legal tool that empowers individuals to plan for the future, protect their interests, and ensure the seamless management of their affairs.
However, it can be a difficult concept to wrap your head around. As such, many people do not even consider it before it is too late.
The understanding and experienced team at Hugh McGroddy wants to help you understand this process and eventually take advantage of it. By reading our streamlined explanation, we hope to help you understand the concept of power of attorney.
What is the Power of Attorney?
A Power of Attorney is a legal document where one person known as the “Donor" gives authority or powers to another person known as the “Donee" to conclude contracts in the absence of the Donor.
In ordnance with Irish law, Hugh McGroddy offers two variations on the Power of Attorney: the general Power of Attorney and Enduring Power of Attorney.
General Power of Attorney
This is a role granted to a donee that is valid unless the donor becomes mentally incapacitated. A Power of Attorney can be designated or limited to a specific purpose such as the purchase of property in the absence of the donor. It can be given in writing but no extra formalities are required.
Enduring Power of Attorney
An Enduring Power of Attorney is a legal document executed by the Donor appointing a certain person or persons called "Attorney" to make medical & financial decisions for the benefit of the Donor in the event that they becomes mentally incapacitated.
If you’d like to learn more about availing of the power of attorney, contact Hugh McGroddy today.