We are all living longer, which is good news! Sadly, as some of us get older, we can experience illness, possibly dementia, or a general frailty that comes with age. In these circumstances you may not be capable of, or feel able to deal with health or financial matters. A lasting power of attorney puts help in place for when you might need it. It allows you to decide now, while you are still fit and well, who you would like to look after your affairs, in the event that you are no longer able to do so.
Again, as with a Will, if you are unsure or unclear about whether you should have a lasting power of attorney, here are some things to consider:
Why have a Lasting Power of Attorney?
This is about certainty and control, for you and your loved ones. You get to decide who you want to manage your affairs, in the event that you are no longer able or willing to. And your family and dependants know who to turn to if any issues arise about your finances or welfare.
A lasting power of attorney is ultimately another form of insurance and, hopefully, you will never need to use it. But if the day comes and you do not have a lasting power of attorney in place, an application would have to be made to the Court of Protection to have someone appointed to do it. That is time, expense and stress that is easily avoided.
What type of Lasting Power of Attorney should you consider?
There are two types of lasting powers: property and finance, and health and welfare.
The Property and Finance power of attorney can be used either when you have lost mental capacity (that is, you aren’t able to manage your affairs), or with your consent (that is, you still have mental capacity but you want someone to manage your affairs for you). You can appoint an attorney to ensure, for example, that your bills are paid, your money is invested, any income you receive is properly dealt with. They can also, if necessary, sell your home.
The Health and Welfare power of attorney can ONLY be used when you have lost mental capacity. As long as you have mental capacity, your attorneys cannot be involved in any health and welfare decisions. But if you have lost capacity they can have access to your medical records and be involved in discussions with your GP or other health professionals in respect of your medical treatment. They can also be a part of any decision as to where you live, something which is very important if the question of residential care needs to be dealt with. One particular element of the Health and Welfare power is that you can give your attorney the power to withdraw life sustaining treatment. This is a specific power over and above the general matters discussed above. The form allows you to either GIVE consent to it or NOT TO GIVE consent.
Lasting Power of Attorney – things you need to think about:
* Who do you want to appoint as Attorney(s)? The key issue here is that you must trust whoever you are appointing.
* You should always consider having more than one attorney, or have a substitute, in case the main person you have appointed is unable to act for any reason.
* Where you appoint more than one attorney, you can state whether they both/all have to agree to every decision made, or whether each of them can act alone. You need to be careful here; if you say they must agree to every decision, if they don’t agree, then it’s a stalemate situation – nothing can be done.
I can advise on all of these issues
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