We all worry about what could happen should we become incapable of managing our affairs or making decisions due to old age, illness or injury. The good news is that you can prepare a Power of Attorney to appoint someone you trust to act on your behalf should it be necessary. Rather like taking out an insurance policy, putting a Power of Attorney in place is a way of protecting yourself and your family against the unexpected.
If you do not have a Power of Attorney in place and become unable to manage your own affairs, the alternative can be lengthy and expensive. It could also be stressful for members of your family, especially at a time when they are already anxious about you and your affairs.
What is a General Power of Attorney?
You can use a General Power of Attorney to appoint someone to act on your behalf and look after your property and financial affairs for as long as you have mental capacity. It is ideally suited for situations where you need to give certain rights to another person or persons for a limited time; for example, if you are going away on holiday or moving out of the country for a few years. If you become mentally incapacitated, the Power of Attorney will immediately be cancelled.
Do I need a Lasting Power of Attorney?
Unlike General Powers of Attorney a Lasting Power of Attorney is suitable for long term protection. By preparing a Lasting Power of Attorney you can appoint someone you trust to manage your affairs on your behalf, but importantly your attorney can continue making decisions on your behalf even if you lose mental capacity in the future.
You might think that this is only relevant as you get older, but sadly, an accident or illness can strike any of us without warning.
There are two different types of Lasting Power of Attorney:-
Property and Financial Affairs
This deals only with decisions relating to your property and financial affairs
and could include operating a bank account, making investment decisions,
signing tax returns and buying and selling property.
Health and Welfare
This deals with decisions relating to your health and welfare, and can only be
used if and when you lose the ability to make these decisions yourself. This
may include decisions about where you should live and who you should live with,
arrangements for medical, dental or optical treatment and your day to day care.
Most importantly, you can also give your attorneys the right to give or refuse
consent to life sustaining treatment on your behalf.
Related Services
SERVICES FOR INDIVIDUALS
- Residential Property
- Family Law
- Wills and Estate Planning
- Powers of Attorney
- Estate Administration
- Elderly Client
- Trusts
- Employment
- Personal Disputes
- Motoring Law
- Criminal Law
Meet the team
David Whitworth
Partner and Head of Wills, Trusts and Probate
DDT: 01225 369002