People of all ages die or lose mental capacity every day. Whatever your age, if you have assets such as a house, savings, or a business, and you also have children or other people who need looking after, good estate planning is recommended, and consideration should be given to writing a will, organising Lasting Powers of Attorney and even funeral planning to save your family the worry and expense at what will be a difficult time.
What is it?
A Power of Attorney is a written document that allows someone else to make decisions or take action on your behalf. This person is called your attorney and you can decide the most appropriate person(s) to hold this authority. You also decide exactly what they’re authorised to do and under what circumstances. There are two types of Lasting Power of Attorney, “Property & Affairs” and “Health & Welfare”
Why choose it?
- Making a lasting power of attorney allows you to plan how your health, welfare and financial affairs will be dealt with, and by who, when you can no longer make the decisions for yourself.
- If you lose mental capacity, then a relative or appropriate person will have to apply to the Court of Protection to become your deputy. The process of becoming a deputy can be time consuming and also costly. In addition to this you have no choice in who is appointed as your deputy