Why Have a Lasting Power of Attorney?
Do you have a power of attorney? If not, or if you aren’t exactly sure what one is, then there are few questions you should consider.
Who would pay your bills and manage your financial affairs if you were unable to do so yourself? What if an important medical decision was needed but you did not have the capacity to make it?
By setting up Lasting Powers of Attorney you can have the reassurance and peace of mind to know that you have chosen someone you trust to look after these important matters for you.
Unfortunately, a common scenario in my working life is to see a family member, such as a spouse or child, bring their loved one into the office, or even asking me to visit a hospital or care home, for me to take instructions for a Power of Attorney. So often, because this has not been done at an earlier stage, it is too late for that person to be able to give such instructions. By this time they may already be losing their mental capacity or the whole thing is just too much for them to handle.
The ideal time to make and register Lasting Powers of Attorney is when you are fit and well and able to cope with the decisions you are required to make, such as who you would like to appoint as your attorney(s) and how you wish them to act.
The preparation of a Lasting Power of Attorney will provide you, the person making the document, with peace of mind. Should you need assistance in the future, whether this is because you are physically or mentally unable to cope, you will know that the necessary provisions have been made and the person or people you trust will manage things for you. It will also give peace of mind to your loved ones as they will know that they can help when it is needed.
Sometimes things happen when we are unprepared, like suffering a stroke or requiring an operation. If you need immediate assistance with paying bills or health and welfare decisions, you will have the reassurance that matters are in place and you can simply concentrate on getting better.
Raising the subject of a Power of Attorney with a parent can be a difficult task so it makes sense to pre-empt this by taking matters into your own hands and sorting it yourself, sooner rather than later.
However you can be confident that just because you have Lasting Powers in place it will not mean that you have lost any control over your finances. Your attorney(s) should only act for you at your direction unless you have lost your mental capacity to make decisions for yourself. The most important question when setting up these documents is do I trust my attorney(s) completely?
To help you through the procedure for preparing and registering a Lasting Power of Attorney and the decisions you will need to make, the experienced team at GA is here to offer expert, friendly advice and assistance.
Call the team today on 01752 203500 or email me via claire.warner@GAsolicitors.com to find out more.
Claire Warner, Associate Legal Executive