Lasting Powers of Attorney
It is a frightening thought but one day, you may get to a stage when you may not be able to manage your affairs. This could be as a result of an accident or, dare we say it, getting older – it comes to us all. But most of us try not to think about it in the hope that we will never have to face it. But, facing it and doing something about it makes life easier for you and your loved ones.
If you do not have a Lasting Power of Attorney then various issues can arise, such as:-
Your family may have to make decisions for you that they were otherwise unprepared to make; and
In the absence of you personally appointing someone with the authority to make decisions about your well-being and finances, you leave your family with having to make expensive and complicated applications to the Court of Protection to have themselves appointed to manage your affairs.
There is a risk that someone you do not know (a Professional Deputy, or the local authority) stepping in to make decisions for you, which can be both impersonal and distressing.
A Lasting Power of Attorney is a document in which you appoint persons such as a family member, friend or a professional (known as attorneys) to manage your affairs if you are not able to do so.
There are two types of Lasting Power of Attorney that we can prepare for you at Vyman.
The first allows your attorney to look after your property and money and includes making decisions to pay your bills, safeguard your money, investing your money, ensuring benefits and pension are collected, and renting/selling your home.
The second deals with personal welfare and health and includes making decisions about your medication and care, where you should live, your daily routine, and life-sustaining treatment. This can only be used where you have lost your mental capacity.
LASTING POWER OF ATTORNEY
Don’t leave it until it’s too late
Many people put off making a Lasting Power of Attorney until it is too late – and then lack the ability to formalise such a document. It is important to register the Power of Attorney once it has been made because it is only registration of the document that gives it true validity.