I am the editor of the forthcoming Power of Attorney Legislation: A STEP Global Guide. In this Guide STEP members have produced Q&A chapters for each of their own jurisdictions that address key questions in relation to different types of powers of attorney, protective measures, formalities, registration and cross border portability.
Why is this book important now?
Powers of attorney have a crucial role to play in looking after vulnerable people, including the elderly and those with medical conditions. It is evident from the global research that STEP has undertaken that standards are inconsistent and vary significantly across the world.
Also, most clients nowadays have assets and property spread across jurisdictions and it is essential for their advisers to know how the legal framework in those places will coordinate with the client’s residence. Therefore, having a comparative guide for a multitude of jurisdictions will be particularly valuable for those advisers.
What is your key takeaway from the book?
A clear takeaway from this Guide was that some jurisdictions have more comprehensive legislation than others. The United States has dozens of different statutes therefore we were unable to cover them all and have selected specific states to discuss. And some chapters are much shorter than others due to less substantive legislation in place.
It was also interesting to note that the majority of jurisdictions do not have legislative provision for medical or health and welfare powers. There are also a range of differing approaches towards capacity assessments, formalities and registration and – not unexpectedly – very few jurisdictions recognise foreign powers.
How do you think the Special Report will be useful for practitioners?
Due to the fact that most families have assets in more than one jurisdiction it is vital that advisers know how power of attorney frameworks interact with each other. It is a clear and practical guide to help navigate some of the challenges and uncertainties in relation to powers of attorney elsewhere. And it provides quick and informative answers to questions on policy and legislation.
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