In this article on Citywire Adviser, reference is made to an interview with Cover magazine where FISA CEO Louis van Vuren unpacks what power of attorney means.
Many people might still believe that either a general or special power of attorney will entitle an agent, such as a close family member or financial adviser, to act on behalf of an incapacitated individual, when it comes to managing their money matters.
But that is far from the truth. Under South African common law, if someone is no longer capable of making their own decisions, including the ability to revoke a power of attorney at any time, that power of attorney lapses. In other words, under South African law there is not yet what is called an “enduring power of attorney”.
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