A Lasting Power of Attorney is a legal document in which you to appoint attorneys to make decisions on behalf of you, in the event that you lose mental capacity and cannot make the decision yourself. There are two different types of Lasting Powers of Attorney – one for Property and Finance Affairs and one for Health and Welfare. Lasting Powers of Attorney are so important and below you will find five reasons why:
1. With a Lasting Powers of Attorney You Can Choose Who You Wish to Appoint to Act as Your Attorney
In the Lasting Powers of Attorney, you must choose who you want to appoint to act on your behalf. You can appoint just one person to act as Attorney or several people, but it is important that you appoint people that you Trust. In the Property and Finance Lasting Power of Attorney your attorney will manage your finances (including possibly selling your house) and in the Health and Welfare your attorney can make decisions about your health and welfare, including medical treatment, care home arrangements, and life-sustaining treatment. These are all significant decisions and so it is all the more important that you are able to choose who you wish to appoint.
2. A Lasting Powers of Attorney Allows You to Include Specific Instructions and Preferences
In both Lasting Powers of Attorney, there is opportunity for you to include specific instructions or preferences for your Attorneys. Instructions are binding, and your Attorneys must follow them. This may include, for example, requirements about medical treatment or an instruction not to sell a home you intend to leave as a specific gift to someone. A preference, on the other hand, is something the Attorneys must take into consideration but are not obliged to follow.
3. A Lasting Powers of Attorney Gives You Flexibility And Control
The two points discussed above offer you flexibility and control. However, it is important to stress that all decisions that need to be made in respect of Lasting Powers of Attorneys, remain yours to make. For example, you can choose whether you want to do one type of Lasting Power of Attorney of if you want to do both. If you want to appoint more than one Attorney, you are able to choose how they act together. You are also able to appoint replacement Attorneys or completely different Attorneys in each of the different documents. The most important factor being that the decisions are yours to make, which would not be the case if you lost capacity.
4. A Lasting Powers of Attorney Could Save You Money In The Long Run
If you do not have Lasting Powers of Attorney in place when you lose capacity, then somebody may need to make an application to the Court of Protection to take out what is known as a Deputyship Order. Obtaining a Deputyship Order is often expensive and can be a long process and until the order to granted, your family would be unable to make decisions on your behalf. When considering such an application, the Court will do their utmost to act in your best interests but there is no guarantee that the Court would make the decision that you would have wished for.
5. Peace of mind
The importance of putting Lasting Powers of Attorney in place is often overlooked as people focus more on their Will and what happens to their assets after they are gone. However, Lasting Powers of Attorney are equally important as they are used during your lifetime and your Attorneys will make decisions for you whilst you are still alive. Losing mental capacity is something that can happen to anyone at any point in the future and can happen suddenly and by the time you need it, it may be too late. If you prepare Lasting Powers of Attorney now, this offers you peace of mind in knowing that they are there to be used as and when they are required.
If you are ready to put Lasting Powers of Attorney in place and would like assistance from one of our expert Private Client solicitors, then please do not hesitate to contact us to discuss scheduling an appointment.
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☎️ Call our Wakefield office on 01924 290 029
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About the Author
Francesca joined Thornton Jones Solicitors in August 2020 and has worked across various departments as part of her training contract. Having qualified as a solicitor in February 2023, she has now joined our Private Client Team.
In 2018, Francesca completed her history degree and then went on to complete the Law Conversion Course and Legal Practice Course and then trained with us. Francesca gained a lot of experience in the Private Client team during her training contract and worked alongside the Team with a variety of cases. She is now looking forward to building on that knowledge and expertise.
Outside of work, Francesca enjoys cooking and socialising with her friends. She also enjoys travelling and will often be jetting off at the first opportunity!
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