Myth or fact?
I'm young. There's no reason for me to consider preparing a power of attorney.
A power of attorney is a legal document. With it, you can give someone you trust the power to look after your financial and legal affairs. This might include paying bills, depositing or withdrawing money from your bank account, investing your money, or selling your home. Learn about the different types of powers of attorney, and how they can be used.
What you should know
There are different types of powers of attorney
Powers of attorney cover financial affairs and legal matters
You can still make decisions with a power of attorney
You need to be legally capable to sign a power of attorney
A general power of attorney may be used if you’re physically unable to manage your affairs
An attorney’s power can be restricted with a limited power of attorney
With an enduring power of attorney, you can plan in advance for any future incapacity
A springing power of attorney becomes active when it’s triggered
There are other options to plan for future incapacity
For financial and legal affairs
For health care and personal care decisions