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One major downfall of a POA is the agent may act in ways or do things that the principal had not intended. There is no direct oversight of the agent's activities by anyone other than you, the principal. This can lend a hand to situations such as elder financial abuse and/or fraud.
A general power of attorney allows the agent to make a wide range of decisions. This is your best option if you want to maximize the person's freedom to handle your assets and manage your care. A limited power of attorney restricts the agent's power to particular assets.
A person with lasting powers of attorney for Property can manage your financial assets and has capacity to make decisions on your behalf when you do not have the mental capacity to make decisions yourself.
You cannot give an attorney the power to: act in a way or make a decision that you cannot normally do yourself for example, anything outside the law. consent to a deprivation of liberty being imposed on you, without a court order.
A property and financial affairs Lasting Power of Attorney (LPA) authorises your attorneys to manage any property that you own and to manage your financial affairs, in the event that you are unable to make such decisions yourself.