Power of Attorney
You never know what is around the corner so it is important to get your affairs in order.
You can appoint someone to manage your affairs should you become incapable in the future. This must be someone you trust, it could be your spouse or partner, your children, a close friend or a relative or a Professional. Preparing a Lasting Power of Attorney is the only way to fully protect yourself should you be unable to manage your affairs in the future.
NOTE: If you have not appointed an Attorney, the Courts may appoint someone such as a solicitor to act for you if you cannot manage your own affairs. This is likely to be at substantial cost so you should act now to protect yourself.
Lasting Power of Attorney.
There are 3 types of Lasting Power of Attorney (LPA)
The Property and Financial Affairs gives your Attorney the authority to make best interest decisions for you regarding your finances or property including selling your home if that is appropriate.
The Health and Welfare LPA gives your Attorney the authority to make best interest decisions for you regarding your health or welfare. This includes your care home placement if necessary.
The Business Affairs LPA gives your Attorney the authority to make best interest decisions for you regarding your Business interests including managing or selling your Business if that is appropriate.
If is important to note that your Attorneys have to act appropriately, in your best interest and not do anything that could adversely affect you.
If you lose mental capacity without an LPA, an application to the Court of Protection will have to be made for you in order for someone to be appointed as your Deputy.
Ordinary Power of Attorney
An interim way to appoint someone to manage your property and affairs whilst you still have mental capacity. It has no effect if you should lose mental capacity and cannot be used for health and welfare decisions.
This is a useful document if you feel strongly about how you would wish to be treated medically towards the end of your life. You make decisions in advance for issues such as resuscitation and the use of life support machines.