Lasting Powers of Attorney are legal documents which allow you to appoint one or more persons (known as your “Attorney(s)”) to manage your affairs during your lifetime when you are unable to make such decisions for yourself. There are two types of Lasting Powers of Attorney:-
- Property & Financial Lasting Powers of Attorney; and
- Health & Welfare Lasting Powers of Attorney.
Martin Lewis recently brought to the public’s attention the importance of having them in place and here are the firm’s five reasons why you should make a Lasting Power of Attorney:
- Keep control over your decisions
You can only make a Lasting Power of Attorney whilst you have the mental capacity to make this decision for yourself. We recommend that you do not leave the decision too late and having them in place means that you are in control over who can make the right decisions for you in the future.
You can maintain control over your future decisions by stating either Instructions or Preferences in the Lasting Powers of Attorney.
- Help your relatives and loved ones
It is important to have Lasting Powers of Attorney in place not only for yourself but they can make circumstances much easier for your loved ones if they had to step in and make decisions for you.
- You can avoid a lengthy and expensive court process
If not in place, then your loved ones would have to apply to the Court of Protection for a Deputyship Order to manage your affairs. This can be a lengthy and costly process and no decisions can be made without a Court Order.
- Flexibility & peace of mind
You can cancel your Lasting Powers of Attorney in the future if your circumstances change (as long as you still have mental capacity). Your Attorneys can assist you with your finances whilst you still have mental capacity but will step in and take control of your finances if you are incapable of making decisions for yourself. Your Attorneys must always act in your best interest. This provides you with peace of mind in the knowledge that your affairs are in order.
- If you own a business, you can make a Lasting Power of Attorney cover the ongoing management of your business
You can make a Business Lasting Power of Attorney specifically to manage your business decisions in the future. Without one, decisions may be put on hold. This provides you with the reassurance of knowing that your business would be in capable hands if you became incapable of making those decisions in the future.
The decision to make the Lasting Power of Attorney can seem daunting. At Martyn Prowel Gartsides Solicitors, we provide professional legal advice and we will guide you through the process to ensure that your affairs are in order. Please contact us for a confidential discussion with a member of our Private Client Department on 029 2047 0909.