Lasting Power of Attorney
A Lasting Power of Attorney is a document that allows you to legally appoint somebody to make decisions on your behalf if for whatever reason, you were unable to make important decisions for yourself. There are two types of Lasting Power of Attorney:
- Finance and Property
- Health and Welfare
A Lasting Power of Attorney is useful in the following situations:
Incapacity – the most common use for having a Lasting Power of Attorney is so somebody else can take on the responsibility of managing your finances or health and welfare if you become unable to manage this yourself due to mental or physical illness. A Lasting Power of Attorney must be put in place while you have the capacity and can also take several months to be registered therefore it is advisable that a Lasting Power of Attorney is in place before they are needed.
It is important to remember that if there is no Lasting Power of Attorney in place, then you would need to apply to the Court of Protection to gain control over decisions of finance and well being which can be distressing, time consuming and extremely costly.
Business owner – if you run your own business, have you thought about what would happen if you were to be unable to make important day to day decisions for the business due to physical or mental illness or even because you are out of the country?
A Lasting Power of Attorney will allow you to appoint somebody to make these decisions on your behalf in those situations. You are also able to place restrictions and guidance in your Lasting Power of Attorney to help the person or people that you are appointing.
You are out of the country for long periods of time – you are able to appoint somebody to deal with your finances in the UK whilst you are abroad; paying any bills that may be due and easily dealing with any financial problems that may arise whilst you are away.