1. I am getting old and I want to let my son take care of my financial affairs for me. He is a fine gentleman and I trust him completely. I know that there is something called a General Power of Attorney, where I can appoint my attorney to do virtually anything he can do lawfully. I also know that it is simple, straight-forward, effective and does not involve much legal costs. This is the perfect solution for me, right?
Wrong. Under normal circumstances, a General Power of Attorney is, as you have said, simple and effective. But if you are getting old, you should seriously consider the possibility that you may become mentally incapacitated, whereby a General Power of Attorney will cease to be effective. You should therefore consider using an Enduring Power of Attorney to appoint an attorney to take care of your financial affairs. An Enduring Power of Attorney will “endure” your mental incapacity and give power to your attorney to continue to take care of your financial affairs despite such incapacity.