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Is your power of attorney set up - if not, why?

27th July 2015 Print

No one ever wants to think of a time when they might not be capable of arranging their own affairs. This situation could apply to people of all ages, those involved in life changing accidents, or those who are affected by dementia or other debilitating conditions. We all need to think about the future.

‘It will never happen’ – yes, it might

In theory we carry out an act of faith every time we cross a main road. The same applies to a belief that the worst won’t happen. While everyone hopes that they won’t be affected by ill health or an accident, according to the government website, 9,656 people took out a Lasting Power of Attorney, (LPA) in the UK in the second week of July 2015, because they wanted to be secure should the worst happen. 

It’s not simply UK residents that ought to use this procedure. If you are planning to move abroad, contact Vanner Perez Notaries and see how you can protect your interests should you become an expat.

Peace of mind

The main value of an LPA is that it gives you and those who love you peace of mind. All too often when someone becomes ill or has an accident, friends and relatives are worried enough without having to deal with any financial or care problems that might arise. An LPA that states your wishes, how you want to be treated and who should look after your banking and bill paying concerns will make life far easier for everyone. A Power of Attorney (POA) doesn’t apply to those who totally lose their mental capacity. This link to the Citizen’s Advice Bureau website explains the different types of POA. 

Appoint those you trust 

Whether you take out an ordinary POA or an LPA, you are effectively assigning decision making over your bank accounts, welfare care and bill paying to someone else. You can only make a Power of Attorney or an LPA when you are of sound mind and in full possession of all of your mental faculties. If you suffer an accident or are affected by illness, it’s too late to set up a POA. If your disability only affects you for a short time, you can always revoke your POA.

Alternatively if you haven’t set up instructions for a POA, then the courts will be able to intervene. This is a lengthy process and the Court of Protection, as it is known, will be able to make decisions on your behalf, without really knowing your wishes.

It makes good sense

If you set up a POA when you’re feeling healthy, have reliable friends or family members, then you can discuss the issues at leisure. A POA acts as a a security net and will provide you with a form of security should your situation change. Bills will be paid, benefits collected and even if you are incapacitated for a lengthy period, those close to you can rest assured that they are acting in your best interests.