For various reasons you may find that, during your lifetime, you are unable to manage your own affairs and need a family member or, in some instances, a friend to help you. This might be due to an accident or just getting to the stage where you need some assistance with managing your money etc.
A Lasting Power of Attorney is a document whereby you choose who would assist you if you cannot manage. This person, or persons, otherwise termed your ‘Attorney(s)' are there to help you manage your affairs.
There are two main types of document that we can prepare for you here at Cozens-Hardy LLP. The first - and most popular - is chiefly associated with your money and property. The second is associated with your personal welfare, which broadly encompasses where you would live etc in the event that you needed to enter residential care.
Many people put off making a Lasting Power of Attorney until it is too late - and they may then lack the ability to execute such a document. This can have two major effects. Firstly, your family may have to make decisions for you that they were otherwise unprepared to make and, secondly, in the absence of you personally appointing someone as guardian of your wellbeing and finances, you leave your family having to make expensive and complicated applications to the Court of Protection to have themselves appointed as what is termed a ‘Deputy' to manage your affairs.
Creating a Lasting Power of Attorney now does not mean that you can no longer manage your affairs. It is a safeguard against the future. Restrictions can be placed in the document stating the circumstances under which it can be used, giving you the peace of mind that management of your affairs will not be taken from you unnecessarily.
And don’t worry if you have no one suitable to act as your Attorney, because you are able to appoint one of our experienced solicitors as your Attorney.
We have an experienced team here who would be happy to discuss with you, in plain English, the implications of making a Lasting Power of Attorney.