Lasting Powers Of Attorney
Lasting Powers of Attorney are powerful legal documents that allow you to appoint people you trust to support you in your time of need. You grant trusted people the legal authority to make decisions on your behalf about various aspects of your financial and personal affairs. Contrary to popular belief, family do not have the right to take over and even a spouse cannot assume this roll.
If a person becomes incapacitated they risk accounts being frozen and dependants being left unable to pay bills or access funds for care or daily living.
Another common myth is that family automatically take over if you set up Powers of Attorney. This is also not true. Whilst ever you are capable of making your own decisions, you do. Your Attorneys must always assist you in making decisions for yourself and can only take over from the point you are not able to.
Lasting Powers of Attorney are created under the Mental Capacity Act 2005 (MCA2005) adn your Attorneys are bound by this legislation. Granting you the maximum protection. As LPAs are legally binding documents, it is important to take legal advice before considering this option.
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Lasting Powers of Attorney
Property & financial Affairs
The most common and widely known Power of Attorney, P&F grants your attorneys the authority to help with the managment of all of your financial affiars. This would range from paying your bills right up to selling property on your behalf. There are many aspects that families often over look. Such as liasing with your financial advisor, managing online accounts and digital media and paying for care fees.
Without this authority you family cannot assist with even the most basic affairs.
Your attorneys must be over 18 years old and not bankrupt. You will grant them authority to access and manage every aspect of your financial affairs so choosing attorney who manage their own finances well, work dilligently and will cooperate with other attorneys is essential.
This power is also essential if you are self employed or own a business. Your attorneys will be able to file accounts on your behalf, wind up your business or ensure it continues until you return.
Lasting Powers of Attorney
Health & Welfare
The lesser known power, H&W is essential for ensuring your loved ones are in control of your welfare. This covers decisions from where you live – wether you stay in your own home or not. To end of life care.
This is not the same s a DNR or a Living Will. Both of these are your declaration of refusal to certain treatments whereas LPA H&W grants your attorneys the ability to make decisions either way at that moment in time.
Most people assume that family are able to decide on these things. But that is not true. The local authority and medical staff have a duty to consult the family, but the final word rests with them. By grantoning your loved ones Power of Attorney, you put the control in their hands.
Your Attorneys would be able to make descisions about your daily routine, diet and living arrangements. They can also request reviews of your health care, rather than waiting for the local authority. Meaning you are cared for better and faster and your family can react to changes quickly.
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