Many people combine successful businesses and careers with active social lives, taking skiing and sailing holidays, cycling to keep fit and generally enjoying their hard earned leisure time. The problem is that accidents and illnesses don’t give us polite notice. They can leave a person, whatever their age, suddenly incapable and with their business partners, colleagues and families left to work out what to do. A lasting power of attorney should ensure that the right people step in at a time of crisis so that the business and family life can keep going without missing a beat.
Lasting powers of attorney are just as important as Wills and are relevant to everyone. Most of us bother to insure something important to us. It’s the same idea behind lasting powers of attorney – the certainty and reassurance that the arrangements you want are in place. Future control of your own affairs can be yours and now you can keep a little more in your bank account at the same time
In addition to the lasting power of attorney for property and financial affairs, there is one for health and welfare. A lasting power of attorney is effective for a person’s lifetime, unless they make changes or cancel it. A person who loses capacity at a young age could have many years when a lasting power of attorney is a central part of making decisions in their best interests. It is one of the most helpful things we can do to protect our spouses, partners and children, hopefully saving them worry, cost and delay.
Without a lasting power of attorney in place, the only alternative is a court application called a deputyship order which can be time consuming and costly. You will also have lost the opportunity to appoint someone of your own choosing.
The contents of this article are intended for general information purposes only and shall not be deemed to be, or constitute legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article.