Lasting Power of Attorney documents allow you to give legal permission to someone you trust to look after your finances if you can’t. For example, if you became ill or had an accident.
Whilst a Will deals with your affairs when you die, a Lasting Power of Attorney document allows you to appoint someone you trust to manage your financial affairs. For example, if you lost your mental or even physical capability to look after your own finances.
There are many reasons why this might happen. Older people might start to suffer from dementia, or a physical impairment. But issues don’t only affect the elderly. If you are younger, what if you survived an accident but left you with serious injuries? Or suffered a debilitating illness?
A Lasting Power of Attorney is a way of granting someone else legal – and that bit is important – LEGAL authority to act on your behalf.
If you think about it, financial institutions have your protection from possible fraud at heart. For example, your bank will not deal with anyone who doesn’t have legal authority directly from you! Your bank simply would not agree to any request.
So, getting members of the family or friends to ‘help you out’ won’t work unless they have legal permission from you. Writing a Lasting Power of Attorney document does just that. It allows you to appoint anyone you choose – usually members of your close family – as your attorneys. They can then legally act on your finances as you would, should you become unable to act.
So, writing your Lasting Power of Attorney now can be a great ‘insurance policy’, so that if it is ever needed, your attorneys are already able to step into your shoes and manage your affairs.
Contact us to discuss writing your Lasting Powers of Attorney for you.