Gabael Trust is qualified for appointment as attorney for property and affairs for clients who have either no suitable relative or friend to act or who are concerned about conflicts of interest. We act for a number of people who need this sort of help. Sometimes they have no family members who can help them. Sometimes they want to leave their money to family members when they die but are concerned that their money should be spent on the best care for them in their lifetime even if that means their estate is reduced. An independent professional trustee has no such conflict of interest.
Further, where the agent or done of such power of attorney renounces his powers under the Deed, becomes of unsound mind or is adjudged a bankrupt by a court of competent jurisdiction, such power of attorney is deemed automatically revoked. Accordingly, naming a trust corporation such as Gabael Trust as a power of attorney guards against such eventualities and ensures continuity and consistency.
The types of power of attorneys that are available include:
- General Power of Attorney: In this situation, Gabael Trust can perform almost any act as the principal, such as opening financial accounts and managing personal finances. A general power of attorney arrangement is terminated when the principal becomes incapacitated, revokes the power of attorney or passes away.
- Enduring or Durable Power of Attorney: This arrangement designates Gabael Trust to act on the principal’s behalf and includes a durable clause that maintains the power of attorney after the principal becomes incapacitated e.g. due to medical reasons.
- Special or Limited Power of Attorney: In this instance, Gabael Trust will have specific powers limited to a certain area. An example is a power of attorney that grants Gabael Trust authority to sell a home or other piece of real estate on behalf of the principal and remit the sale proceeds to the owner.