"How would you look after your finances if you were unable to do so because of illness or accident?"
Nobody likes to think about losing the ability to look after their own affairs but the reality is that many people do need assistance as their mental health deteriorates.
Making a Power of Attorney allows you to decide to nominate someone that you care about and who cares about you to act on your behalf if the time ever does arise that you can no longer act for yourself.
Power of Attorneys can be useful in cases involving dementia, Alzheimer’s disease, Parkinson’s disease or any mental health problem but it is important that a Power of Attorney is prepared before you as an individual lose your mental capacity.
A Lasting Power of Attorney (LPA) is a means which allows you to give someone authority to act on your behalf in relation to your property and financial and/or health and welfare matters in the event of your being unable to do so yourself.
A Lasting Power of Attorney is a legal document appointing a person or persons of your choice as your attorney(s). A change in the law relating to Power of Attorneys took place on the 1st October 2007 when Enduring Powers of Attorneys (EPA) were replaced by Lasting Powers of Attorney (LPA).
There are now two different types of Lasting Powers of Attorney:
- Property and Financial Affairs Lasting Power of Attorney
- Personal Health and Welfare Lasting Power of Attorney
Property and Affairs Lasting Power of Attorney
These are designed for you to appoint attorney(s) to make decisions on your behalf which can include buying and selling property and other assets, dealing with your bank accounts and building society accounts, dealing with your pension or benefit claims and also dealing with any tax affairs. Essentially, your attorney can do anything that you yourself can do.
You may wish to choose an attorney who is a friend or a relative and you can include within your Power of Attorney guidance and conditions which will help your attorney(s) in acting on your behalf.
Personal Welfare Lasting Power of Attorney
A Personal Welfare Attorney allows the person appointed as your attorney to make decisions relating to your living accommodation and care, consenting to or refusing medical treatment on your behalf and any other day to day matters such as diet and dress. Again, you can include guidance and conditions to help your attorneys in making decisions on your behalf.
You can set up one or both types of Power of Attorneys depending on what you need to meet your requirements.
Lasting Powers of Attorneys are very powerful documents and give your attorneys the power to make decisions on your behalf. Please contact us if you would like more information regarding Lasting Power of Attorneys.
Our Advisers have the expertise to assist you in making Lasting Power of Attorney to ensure that if you are unable to act yourself in relation to either your property and financial affairs or your personal health and welfare that someone you trust has the ability to act on your behalf.