Powers of Attorney
An increasing number of people are realising the importance of planning for the time when they are unable to manage their finances. One very important issue is the preparation of a Lasting Power of Attorney.
This takes two forms.
- The first is a Finance Lasting Power of Attorney. If you make no provision for the time you become incapable to act a deputyship application will be needed through the Court of Protection. This is costly and very time consuming. To avoid this, you need to prepare a Finance Lasting Power of Attorney when you have the capacity to do so. You can appoint trusted family or friends to manage your finances at that time.
- The other Lasting Power relates to making welfare decisions at a time when you cannot do so yourself. Without this document it will be down to the healthcare professional eg a doctor or care worker making decisions they believe to be in your best interest. This may not be what you and your family believe to be your best interest.
Both documents need to be registered once the paperwork is complete and this process will take a few months.
Cheapest is often not the best
There is a process whereby the documents can be prepared on line. This is certainly the cheapest approach but may be a false economy. There are certainly benefits of having the documents prepared professionally. Clauses can be added to the Powers of Attorney bespoking them to your own personal requirements. The Powers of Attorney can then be future proofed to cover any possible changes to your circumstances in the future.
If you would like to know more about Lasting Powers of Attorney why not come to one of my free seminars or contact me for an appointment.
