Are you worried that you will lose the mental capacity to make sound financial decisions? Do you have a plan in place? A Lasting Power of Attorney provides a legal document that conveys your wishes, should you lose the ability to make decisions for yourself. The document names a person or persons to make decisions for you. Our solicitors provide Lasting Power of Attorney advice to help you create a plan that is tailored to your needs.
When to Consider a Power of Attorney
It is impossible to predict the future. In the event that you are unable to handle your financial affairs in the future, a power of attorney allows you to determine who will handle your affairs. In the absence of a power of attorney, your loved ones may need to apply for a deputyship through the Court of Protection.
The Lasting Power of Attorney ensures that you appoint the right person to make important decisions for your future, rather than leaving it to your family to attempt to determine what you would want. The family will know who will handle your affairs and decisions regarding your property and money. It helps the family avoid conflict when a legal document is in place.
Lasting Power of Attorney Advice and Options
Our solicitors will provide the information you need to determine the best type of power of attorney for your situation. There are two options, including a health and welfare or property and financial affairs Lasting Power of Attorney. The health and welfare power of attorney names the person who will make decisions regarding medical treatment, if you are not able to make those decisions. This could be one person or more than one and you can specify that they must agree or act together, if desired.
A property and financial affairs Lasting Power of Attorney names the person that you want to make decisions regarding property and financial management. The document can name the person who will make decisions for your financial affairs and give directions about when the power of attorney will take effect, either now or in the future, should you lose your mental abilities.
How to set up a Power of Attorney
An individual may create and register a Lasting Power of Attorney at any time, provided you have the mental capacity to sign the document. It is important to complete the forms and the registration process prior to losing the ability to do so, since the chosen people may object. Our law firm provides the advice and support you need and guide you through the process.