Handing over your affairs
Monday 6 September 2004
People joke about "signing their life away" when they take out a mortgage.
By The LandlordA more literal use of that phrase is when people give someone power of attorney.
Circumstances sometimes mean you are unable to look after your own financial affairs.
You might be temporarily out of the country, or on your big OE, or incapacitated or ill.
In these situations, you can give someone you trust the power to act on your behalf. It's not a step to be taken lightly, as the person or "attorney" gets to control your worldly possessions.
Some business people use power of attorney to allow a sole practice firm to be run by someone else while they are away.
Unbeknown to many, your spouse, partner or parent can't automatically step in and take care of things when insurance policies, bank accounts or possessions are in your name.
To step in legally, people have to hire a lawyer and go to court, which takes time and money.
There are two main powers of attorney - ordinary and enduring.
Read More - Opens in a new window
Commenting is closed
There is no rush of investors looking to sell their properties in the post-Covid-19 market, according to the second joint survey from REINZ and economist Tony Alexander.
Global ratings agency Standards & Poors is the latest to join the chorus of predictions around potential house price falls in New Zealand – and they’re picking a 10% drop.
Auckland ’s long-term future is sound as well situated residential developments will always sell and demand for affordable housing remains strong, a leading non-bank property financier says.
The New Zealand property market has emerged strongly out of lockdown, according to mortgage advisers, who say they are busy as ever this winter.