February 7, 2020

Lasting Power of Attorney – What’s the point?

What is a Lasting Power of Attorney?

Most people understand the importance of ensuring that a Will is in place to secure the safe passage of property to loved ones when they die. Appointing trusted people, called Executors, to manage this will be made and a degree of peace of mind will be gained. However, we also need to consider appointing people, called Attorneys, to manage our financial affairs whilst we are still alive but unable or unwilling to manage ourselves.

The reasons why we might not be able to act for ourselves can vary widely. We may become physically or mentally incapacitated in later life and it is sad fact that as most of us live longer than would previously have been expected, for many of us, we live longer in poor health. Not being able to deal with our own finances in later life and not being able to make decisions about the kind of care and medical interventions we require means appointing people in advance is more important than ever before.

Failing to appoint trusted people as Attorneys on a document called a Lasting Power of Attorney places family and other loved ones in a very position; having to rely upon an application to the courts which is expensive and time-consuming. Such an application is for the appointment of a Deputy. This sees the courts in control of personal matters making decisions that not always concur with your or your families wishes. This also sees you negatively affected at a time of already heightened stress and worry. Avoiding these problems is easy but does require you to consider, sometimes fairly difficult matters whilst you are fit and healthy. Since the incorporation of Lasting Power of Attorney documents in 2007 it is recommended that separate documents are drafted covering two vitally important areas; Property and Financial Affairs – enabling your Attorneys to deal with your property and money; to pay bills etc and Health and Welfare – your Attorneys can make decisions about where you receive care and what sort of life-sustaining treatment you do, or don’t receive.

Both documents are equally important. Fortis can provide further information and guide you through the decision making maze and removing what may seem like complicated hurdles.

This video which featured on The One Show highlights the effects of not putting adequate plans in place, the additional financial costs which might be incurred and how must pressure it can put on loved ones.

If you'd like our brochure about Lasting Powers of Attorney, please complete the contact form below and we'll provide more information.

Peace of mind starts with a conversation.

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