Why is a lasting power of attorney is so important?
A Lasting Power of Attorney is a legal document that allows you to give authority to someone you trust to make decisions on your behalf if you are unable to do so yourself, or if you no longer wish to do so.
It is essential when dealing with health issues of loved ones as you have authority over how they’re treated. Without a Lasting Power of Attorney, for example, a child cannot decide whether to keep parents at a care home or take care of them themselves. They cannot make decisions about a property their parents own without them saying so even if they are suffering from deteriorating mental health or memory loss.
It is important for you to be able to deal with property, finances, health and welfare with a Lasting Power of Attorney. In a time period where our health and welfare is in a precarious situation, knowing what will happen to your finances and property is crucial more than ever in case of the worst.
Unfortunately, it is not reliable to assume your children or family members will automatically step up to take care of you or your finances if disaster strikes. This goes for both young adults and the elderly, Problems may arise at any time and it is essential you have power over your assets!
Two types of Lasting Power of Attorney
Property and Finance
This is a Lasting Power of Attorney that revolves around dealing with property and finances including bills, bank accounts, investments, tax and more
Health and Welfare
This is a Lasting Power of Attorney that revolves around your health and welfare including medical care, food you can eat, where you live and who can come in contact with you
Why make a Lasting Power of Attorney?
Unfortunately, when we are in times of need, it’s very beneficial to have someone you know will make important decisions on your behalf. Circumstances can change at any moment, your health could take a turn for the worst or a situation may leave you away from your property for a long time. As a result, having a Lasting Power of Attorney in place will ensure your peace of mind because someone you trust and chose yourself will be in charge of decisions. In addition, it reduces stress you and loved ones may experience as it saves both money and time.
What happens if you don’t have a Lasting Power of Attorney?
If you lose the capability to make your own decisions and do not have a Lasting Power of Attorney, an application to the Court of Protection would be the next step. This application is for appointing another person as a deputy to make decisions on your behalf however it can be extremely costly and a time consuming process. During this period, family and loved ones cannot access any of your accounts and manage your properties or health, which can cause a lot of stress and uncertainty.
Consequently, having a Lasting Power of Attorney will give you the assurance your affairs will be taken care of by someone you trust if the worst comes to pass.
At Versus Law we can help talk you through the process and help get things put in place. For more information and a free consultation fill in our online enquiry form or call 0161 413 2093.