The wonder women of #WakeUpNigeriaOnTVC reacts to the story of a lady who got herself a will and power of attorney in her 20s.
She wrote,” I got a will and a power of attorney in my 20’s”What are your thoughts on this?
A power of attorney (POA) is a legal document in which the principal (you) designates another person who you trust (called the agent or attorney-in-fact) to act on your behalf if anything.
The document authorizes the agent to make either extensive or limited authority to make legal decisions about the principal’s property, finances, or healthcare, depending on the terms of the POA.
Types of POA includes,
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- Conventional; also known as a limited power of attorney
- Durable; which lasts for a lifetime unless you cancel it
- Springing; which only comes into play for specific events, and
- Medical; also known as a durable power of attorney for healthcare.
It is a conversation most people try to avoid probably because they are scared of death etc.
However, it is important when planning for the later years of life that you put the right plans in place to protect your estate and your loved ones.
A Power of Attorney gives legal power to one or more people you trust – these people will be classed as your ‘attorneys’.
This may happen if you have temporarily been in hospital, you have become unwell and can no longer make decisions for yourself, for example if you are living with a condition like dementia, or following a stroke.
Your attorney must always have your best interests at heart. Many people consider a partner or spouse, a friend, another family member, or a professional person, like a solicitor.
What are your thoughts on this? See the video below for more!
