1. Choice
You can choose people you trust to manage your
affairs and to make decisions on your behalf, should you become unable to do
so. You can choose who acts for you and how they make decisions.
2. Practicality
Did you know that a Property and Financial Affairs
Power of Attorney can be created to come into effect straight away? This can be
very useful as your Attorneys can act even while you have mental capacity, with
your permission. It allows your Attorneys to keep your affairs in order should
you be on holiday, physically unable to get out and about or if you have a
temporary stay in hospital.
3. Legality
A Lasting Power of Attorney is a legal document
which authorises your specified people to make decisions on your behalf. If you
provide your bank cards to trusted friends or relatives, any permission you
have given to them will be automatically revoked if you lose capacity in which
case, they are technically committing fraud.
4. Protection
Lasting Powers of Attorney are regulated and
supervised by the Office of the Public Guardian. They can investigate
allegations of abuse or misuse of funds by an Attorney. This offers an
additional level of protection and is much safer than simply handing over your
bank card.
5. Control
It is important to note that you do not lose any
control by making an LPA. Indeed, a properly drafted LPA can contain details of
your wishes and instructions for your Attorneys to follow, allowing you to
retain control even after incapacity.
6. Time
Lasting Powers of Attorney must be made while you
are mentally able to do so. As soon as you lose the ability to understand the
document, you will not be able to create one. Incapacity can occur at any time
and this is not just a document to consider when planning for retirement. It is
therefore important to make the document sooner rather than later- don’t leave
it until it is too late!
7. Avoiding the alternative
If there is no LPA in place and
incapacity occurs, relatives must pursue an application in the Court of
Protection to gain access to finances. This is a costly and lengthy process,
taking an average of 7-9 months. You also lose the choice as anybody could
apply for permission to manage your affairs.
8. For Business
Did you know you can create a Lasting Power of
Attorney which can be limited to dealing only with your business? This allows
you to choose people to sign business documents on your behalf during your
absence, whilst keeping these matters entirely separate from your personal
affairs.
9. For Family
Lasting Powers of Attorney are invaluable
documents. Putting these documents in place can make life much easier for your
relatives at what is likely to be a difficult time. The Health and Welfare
document will allow your Attorneys to make decisions about where you live.
10. For You – Peace of Mind
Lasting Powers of Attorney will last for the
duration of your lifetime (unless revoked by you), giving your family security
and the authority to deal with issues quickly should the worst case scenario
present itself. You can find comfort in the knowledge that you have retained
control of your life by appointing trustworthy people to continue acting on
your wishes if you become unable to communicate them for yourself.
