What Is A Lasting Power Of Attorney?
Many people have heard of lasting power of attorneys but are unsure how they are made, what they can be used for and how they work. Lasting power of attorneys are a convenient way to future-proof decisions regarding your finances and health and are straightforward to implement. So, what is a lasting power of attorney? What can they be used for, and how are they made?
A Lasting Power of Attorney is a formal document through which you can choose trusted individuals to make important decisions relating to your finances and health on your behalf in the event that you are rendered incapable of doing so yourself. If you do not have a Lasting Power of Attorney in place, those decisions may be taken by people who are unknown to you and have no knowledge or understanding of your wishes.
Please call us now on 01603 672222 for a no-obligation conversation today or Click Here To Make An Online Enquiry.
What Is A Lasting Power Of Attorney Used For?
You can make two different types of Lasting Powers of Attorney. One is called a Property and Financial Affairs Lasting Power of Attorney; the other is called a Health and Welfare Lasting Power of Attorney.
Property and Financial Affairs Lasting Powers of Attorney allow you to nominate trusted individuals to manage those affairs for you if you are unable to do so. Your attorneys can make decisions regarding matters such as your bank accounts, investments and income. They are permitted to deal with any property you own as they consider necessary by, for example, selling it or renting it out. They can use your money to pay bills, purchase any items you require and buy small gifts on your behalf.
A Property and Financial Affairs Lasting Power of Attorney takes effect as soon as you register it. If you wish it to take effect at a later date, or be conditional upon certain events, the document must expressly state so.
Health and Welfare Lasting Powers of Attorney govern decisions regarding issues ranging from routine matters, such as nutrition and hygiene, to life-saving medical interventions. It is essential to state your wishes regarding the latter clearly. If there is any doubt over whether you want your attorney to have the power to make such decisions, the power will be given to medical professionals.
A Health and Welfare Lasting Power of Attorney does not come into effect immediately. It will only come into force if you lose the ability to make your own decisions. If you subsequently regain that ability, you will take back control.
You can cancel or amend a Lasting Power of Attorney at any time, provided you have the requisite mental capacity.
How are Lasting Powers of Attorney made?
You do not need a solicitor to make a Lasting Power of Attorney. Given the seriousness of the issues they deal with, however, many people choose to take legal advice when putting the appropriate documentation in place to ensure it is watertight and will be effective as and when required.
You must be over the age of eighteen to make a Lasting Power of Attorney and have the requisite mental capacity. The document needs to be registered with the Office of the Public Guardian, which can take a number of weeks.
You can amend or cancel a Lasting Power of Attorney at any time, provided you are of sound mind.
How are your interests safeguarded?
It can be overwhelming to consider a time when you cannot make your own decisions, and handing over control to others can be daunting, even if they are loved ones. In the vast majority of cases, the sole aims of those chosen as an attorney are to protect you and ensure that your wishes are honoured. However, the law is mindful of the high degree of power granted to attorneys and so imposes numerous duties on them to ensure they act in your best interests at all times. If any concerns are raised regarding an attorney’s actions, the Court of Protection will step in to investigate and will cancel the Lasting Power of Attorney if it considers that those concerns have merit.
How our Lasting Power of Attorney solicitors can help
Our Lasting Power of Attorney solicitors specialise in advising clients considering making a Lasting Power of Attorney. They will comprehensively explain how Lasting Powers of Attorney are made, how they work and their impact. They will work with you to produce documentation that accurately reflects your wishes and comprehensively protects your interests. They will ensure the documentation is properly registered so it is effective when called upon and give you peace of mind that, should there come a time when you are unable to make important decisions for yourself, they will be made by the people you trust.
Please call us now on 01603 672222 for a no-obligation conversation today or Click Here To Make An Online Enquiry.