As you are thinking about your estate plan, you will likely consider choosing someone you trust to act on your behalf in the event you are no longer about to make decisions for yourself.This person is called a Power of Attorney, and there are two types:
- A Power of Attorney for Personal Care will look after your personal affairs, such as healthcare and housing. This role is only “activated” when you have been assessed as being incapable of making decisions for yourself.
- A Power of Attorney for Property, on the other hand, looks after your financial matters, such as paying bills, maintain or selling your house, and managing investments. This role is usually “activated” as soon as the documents have been signed. However, you can place a restriction that it only becomes active at some future event.