Power of Attorney
A Power of Attorney is a legal document where one person (the Principal) gives another person or persons (the Attorney/ies) the power to act in relation to the Principal's financial affairs during the lifetime of the Principal. For example, the Attorney can operate bank accounts, and make other business decisions including buying and selling shares, and buying, selling, leasing or mortgaging real estate on behalf of the principal.
Guardianship Appointments
In much the same way as a Principal over the age of 18 may appoint an Attorney to act for him/her in his/her business affairs, the appointment of a guardian enables a person over 18 years of age to make decisions about the Principal's health or lifestyle, independently of the business side of their lives.