Why Powers of Attorney are important no matter your age4th January 2022
Lasting Powers of Attorney are often thought of as something you put in place when you get to a certain age, when you may be having difficulties with memory and struggling to deal with your financial and business affairs. In fact everyone should consider having them in place, no matter their age or lifestyle.
Just take a look at Covid and how quickly some seemingly healthy people have sadly had to be put in an induced coma, leaving them incapable of making their own decisions about their health or finances. The pandemic has really brought home just how important having a Power of Attorney in place is. But there have always been illnesses which could lead young healthy people to that place, and any one of us might have an accident where we sustain a serious brain injury.
We encourage everyone no matter their age, health or fitness to consider Powers of Attorney for themselves just in case they are needed for important decisions in the future. By putting them in place you will have peace of mind that people you trust will be making the important decisions for you should the need arise.
There are two separate Lasting Powers of Attorney. One allowing you to appoint someone else to manage your financial affairs, and the other allows you to appoint a person who can make decisions about your health and medical treatment. Each Power of Attorney needs to be registered by the Public Guardian before they are valid.
A financial Lasting Power of Attorney can be set up so that the person who is your attorney can act on your behalf right away, or you can choose to appoint an attorney only when you are not able to make your own decisions.
We know it’s a difficult decision to make, but please consider Lasting Powers of Attorney as one way in which you can protect yourself and those around you, just as you do when making a will at a time when you are unlikely to die soon after. It will help them knowing you have appointed someone whose judgement you trust should anything happen to you and, in fact, it is the only way to give anyone the ability to speak on your behalf and be involved in decision making.
One great way to avoid any potential problems with the people you appoint is by having a talk about their duties, it’s always wise for them to understand exactly what they will need to know in order take the right action should the need arise.
You can find out more information here or call 01392 424242