While planning your estate, you may want to think about assigning powers of attorney to a person you trust in case you are not capable of taking certain actions or making certain decisions. For more info, please visit - http://www.richardcayne.com/richard-cayne-meyer/power-of-attorney-for-estate-planning/

1. Power of Attorney For
Estate Planning
While planning your estate, you may want to think about assigning powers of
attorney to a person you trust in case you are not capable of taking certain actions or
making certain decisions.
This is not something that many of us want to think about, but if for some reason you
are incapacitated, you want to make sure that unscrupulous parties don’t try to take
advantage of you or your family while you are in a crisis situation.
Richard Cayne of Meyer International suggests using a power of attorney to protect
you and your family.

2. What is a Power of
Attorney?
A power of attorney is a legal document the allows another person to act on your
behalf as your attorney-in-fact. It needs to be authorised while you are proven to be
of sound mind. It sounds like something out of a courtroom television show, but this
is important so your instructions can’t be contested when the time comes for the
person to act for you.
You can limit a power of attorney as much as you want, so that only certain assets or
situations can be acted on by your attorney-in-fact. For example, you can just allow
for bill payments while you are in hospital, or you can allow for full access to all your
accounts for all decisions.

3. There are usually two types of powers of attorney. One is an ordinary one, which
means it is only authorised until certain events occur (as determined by you) or until
you pass away. You are still capable, mentally, but you are bequeathing responsibility
to another party. The other is sometimes called a durable or continuing power of
attorney, which gets set in motion when you are not able to make your wishes
known. This is probably the more well-known type – an elderly person losing their
memory needing a person to take care of their finances and/or medical care.
Richard Cayne says, “It can seem a bit macabre to think about a time when we are no
longer in control, but unfortunately it’s a fact of life this can happen. It is better to be
prepared for the worse.”

4. A power of Attorney is not a Trustee or
an Executor
A power of attorney is part of estate planning, but just as with trustees, this is not
something that can take the place of a will. You still should prepare a will and, as
discussed in other postings, consider the use of trusts if a power of attorney is not a
suitable option.

5. International is Still Local
As with all the other discussions in estate planning, you need to make sure that
whatever you put in place complies with local laws. Every country will have their own
laws, and it can happen that what works in one jurisdiction will not work in another.
To continue this conversation, contact Richard Cayne at Meyer International.

6. Meyer International Ltd
399, Interchange 21 Building, 23rd Fl., Unit 3,
Sukhumvit Road, Klongtoey-Nua,
Wattana, Bangkok 10110
Thailand
Tel: ＋ 66-(0)2-611-2561-3 / +81-(0)50-5539-1501
Fax: ＋ 66-(0)2-611-2564 http://meyerjapan.com

7. Meyer International Ltd
399, Interchange 21 Building, 23rd Fl., Unit 3,
Sukhumvit Road, Klongtoey-Nua,
Wattana, Bangkok 10110
Thailand
Tel: ＋ 66-(0)2-611-2561-3 / +81-(0)50-5539-1501
Fax: ＋ 66-(0)2-611-2564 http://meyerjapan.com