A Power of Attorney is a document that gives someone else the power to make decisions for you and allows them to look after your affairs. Most people assume that the requirement for a Power of Attorney only arises when you are old and unable to make your own decisions. Unfortunately, by then it may be too late to grant a Power of Attorney. Now is the time at least to consider a Power of Attorney. What if you are incapacitated by accident, stroke or other illness? Having a Power of Attorney in place means you can be sure your affairs will be dealt with by the person or persons of your choice.
If you cannot manage your own affairs and there is no Power of Attorney in place an application must then be made to Court to have a Guardian appointed. This will lead to inevitable delay and much greater expense both initially and in the long term as the costs of administering a Guardianship tend to be much greater than those of administering a Power of Attorney.
By making a Power of Attorney at the present time you can also ensure that your financial affairs and, if you so wish, your welfare is safe-guarded in the future. There are two principal types of Power of Attorney – a Continuing Power of Attorney and a Welfare Power of Attorney. The Continuing Power of Attorney is the more financially oriented type where your Attorney is authorised to look after your financial and business affairs and can range from simple actions like operating a bank account to major decisions like selling a house.
A Welfare Power of Attorney allows your Attorney (who will normally be a trusted relative or close family friend) to make decisions for your benefit about your personal welfare and healthcare in the event you can no longer make those decisions yourself.
You may arrange an appointment to discuss in more detail the benefits of Powers of Attorney. If you would like to discuss a Power of Attorney, please telephone us on 01506 815 900 or email us now.Related Posts:
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