What can Lasting Powers of Attorney Do for Me?
If you’re concerned about lacking the mental capacity to manage your affairs in the future, a Lasting Power of Attorney is something you should definitely consider.
You may be worried about the possibility of developing an illness such as dementia. Or maybe you just want to ensure that you’ve prepared for every eventuality. In either case, then preparing a Lasting Power of Attorney makes sense, as it could be just what you need to put your mind at rest.
For initial legal advice get in touch with our Wills and Trusts Solicitors.
What is a Lasting Power of Attorney?
A Lasting Power of Attorney allows you to appoint someone you trust (called your Attorney) to manage your affairs should you become unable to do so yourself. A Lasting Power of Attorney is a legal document designed to be flexible and can be adapted to suit an individual’s circumstances.
Lasting Powers of Attorney can be used for a variety of decisions, including:
- Managing your finances
- Making decisions about your business if you’re a business owner
- Health and welfare decisions
- Decisions regarding life-sustaining treatment
- Moving into a care home
In England and Wales there are two different types of Lasting Powers of Attorney (LPA) available - one for decisions regarding property and finances and one for decisions regarding health and welfare. It’s best to put both types of Lasting Power of Attorney in place at the same time and you can appoint different people (Attorney’s) to be responsible for each type of LPA.
Peace of Mind for You and Your Family
Being able to prepare Lasting Powers of Attorney in advance gives you the comfort of knowing you’ve been able to think through the appointment of who you’d like to act on your behalf. Should anything happen to you in the future, your loved ones will have some relief in knowing that your wishes are being adhered to, which can help cut tensions at what’s already a stressful and upsetting time for them.
We appreciate that this can be something that’s difficult to think about. However, many people who put a Lasting Power of Attorney in place take comfort from knowing that the necessary documents have been drawn up already.
Unfortunately, in some cases, illnesses and sudden accidents prevent many people from being able to put a Lasting Power of Attorney in place and their loved ones then may need to go through the process of applying for a Deputyship order. Applying to become a Deputy is time-consuming and costly and the Deputy is subject to a much higher level of scrutiny than someone acting under a Lasting Power of Attorney.
For many people who prepare a Lasting Power of Attorney, it acts much like an insurance policy and is something they have and hope not to need, but it’s good to know it’s there to be used if necessary.
For free legal advice call our Wills & Trusts Solicitors
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