Why do I need a Lasting Power of Attorney?
A Lasting Power of Attorney is an extremely important document which sets out your wishes in relation to your affairs during your lifetime.
A Lasting Power of Attorney must be set up whilst you have sufficient capacity to understand what the document is and what powers have been given to the attorneys. Some people mistakenly believe that a Lasting Power of Attorney is only applicable once you have lost or are losing your mental capacity and have had a diagnosis of dementia for instance. This is NOT the case.
First, whilst a Lasting Power of Attorney can be used if you have dementia at a later stage in your life, it must be set up beforehand.
Secondly, having a Lasting Power of Attorney in place covers a whole range of circumstances other than failing mental capacity. For example, if you have suffered a stroke or heart attack, a lengthy hospital stay or even a broken leg which would prevent you from attending the local branch of your bank to deal with your finances. If you are hard of hearing and have difficulty speaking on the telephone then, once a Lasting Power of Attorney is in place, your attorneys can do so on your behalf. There is a whole multitude of benefits and reason for making a Lasting Power of Attorney.
Should you not have a Lasting Power of Attorney in place and someone needs to make a decision on your behalf because you are unable then they will have no alternative but to apply to the Court of Protection. This can be both time-consuming and expensive.
At Macks Solicitors we strongly recommend that you regard the making of a Lasting Power of Attorney in the same category as the making of a Will. In both cases, putting documents in place will give clear instructions to your loved ones as to how you would like matters to be dealt with.
What is the next step?
At Macks we recommend a face-to-face meeting with one of our specialist solicitors. The initial meeting will be free of charge.
We can then offer you comprehensive legal advice regarding all matters of Lasting Powers of Attorney tailored to your unique personal circumstances.