POWERS OF ATTORNEY

We all hope to live long and healthy lives, but we may not always be able to manage our own affairs. If you were to suffer physical or mental incapacity, a Lasting Power of Attorney could make your life and the lives of those around you easier, as well making sure your wishes and needs are taken care of. Some of us find dealing with money and paperwork difficult at the best of times, but if you become unable to manage your own affairs for any reason, it may be impossible.

If you do not have an LPA, then the only way your affairs can be managed is by application (by a relative or friend) to the Court of Protection. This is going to cost you a considerable amount more than obtaining an LPA would and will take several months.

Most people can’t wait months. During this time your finances and those of the people around you could be seriously damaged. Decisions could also be made by someone you wouldn’t have chosen. In the case of non-financial affairs, decisions could be in the hands of those unfamiliar with your wishes.

A Lasting Power of Attorney allows you to appoint people you know and trust to look after your finances and welfare should you no longer be able to, or when you would like help. It is a legal document which gives your nominee authority and can also include preferences and instructions if you so wish. In some cases, it might be suitable to appoint a professional but generally only if there really is no one else available or your affairs need a professional.

Not only do LPAs cover the everyday things we do—managing finances, paying bills, signing cheques, dealing with financial institutions and your bank— they also warrant property sales or purchases and any decisions on medical and life-sustaining treatment. Additionally, LPAs are important to business owners or a those who hold shares.