Lasting Power of Attorneys
We all look forward to a long life and a restful retirement. But there may come a time when we are no longer able to deal with our financial affairs or make decisions about our physical or mental welfare – whether through mental or physical incapacity.
Also, have you considered what you would do if you were involved in an accident and could not manage your finances? What if you were unable to convey to medical staff wishes about your treatment?
If you could not manage your own affairs then you would probably prefer to appoint someone to deal with these on your behalf, someone you could trust. It’s much better than the Court appointing a stranger to do it.
When should I make a Lasting Power of Attorney and what does it contain?
It’s worth thinking about completing the new Lasting Powers of Attorney documents. They allow you to appoint another person or persons to act on your behalf with regards to your property and personal welfare. You may wish to consider the following:
You can choose one or more people to act as your attorney(s). You should trust your attorney(s) implicitly.
Decisions regarding your personal welfare can include the following:
– Place of residence
– Medical treatment
– Life support treatment
This branch of the agreement can include an Advance Welfare Directive (sometimes known as a Living Will) if you wish, which allows you to draw up a document detailing your wishes regarding medical treatment.
Once completed, the Lasting Power of Attorney does not need to be activated immediately. You can start enforcing it whenever you like, but it’s worth considering that it can take up to 8 weeks from making your decision for the document to be bound by law.
What happens if I become incapable of dealing with my finances?
As or when your Attorney believes that you may be incapable of dealing with your own affairs, they are obliged to register the Lasting Power of Attorney with the Public Guardianship Office. Once the registration process has been completed then your Attorney deals with your affairs from then on.
How can Jeary & Lewis help?
We are happy to help you prepare a Lasting Power of Attorney. However we will need to meet the person who will be giving the power of attorney, as well as the attorneys and other people who have known you. This is so we can explain to them what the document means and how it will affect them. It’s done for the protection of all involved and is now the required process for creating Lasting Powers of Attorney.