Why Do I Need A Lasting Power Of Attorney

Why Do I Need A Lasting Power Of Attorney

Why do I need a lasting power of attorney 3

“Making a Lasting Power of Attorney is as important as making a Will – it can save people unnecessary trauma and expense and makes sure their own wishes are followed whatever happens. It is crucial for people of all ages” – Former Justice Minister Lord McNally, 2013

 

What is a Lasting Power of Attorney?

A Lasting Power of Attorney allows the appointment of one or more people of your choice to manage your affairs in the event that you are unable to do so, whether that be through temporary (such as being unconscious) or permanent (such as developing dementia or permanent brain injuries) loss of mental capacity. You can choose to do this just to make your life easier, or for it to be in place in case you cannot manage your own affairs.

 

People usually choose those closest to them to act as their attorneys. It is also possible to appoint replacement attorneys to take over if your attorneys are no longer able to act.

 

Unless a Power of Attorney was created while you had the capacity to do so, if your family need to manage your property, finances, or make welfare decisions for you, they may have to make an application to the Court of Protection for a deputy to be appointed. This is a costly and lengthy process and the deputy has to produce annual accounts to the Court of Protection showing all transactions made and the reason for them. The cost of these applications can run into £thousands and the process can be lengthy and traumatic for those involved.

 

Creating a Lasting Power of Attorney in advance is by far a much cheaper and easier process than making an application for a Deputyship Order.

 

For more information on Lasting Power of Attorney applications or to book an appointment for a free consultation, please do not hesitate to contact me on 0800 610 1131.

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