The Benefits of Appointing a Power of Attorney
There might come a time when you are unable to make important decisions concerning your finances and wellbeing. The trouble is, not all of us know when this time will come as it can be difficult to pre-empt, with such a time potentially never coming to fruition.
If you are progressing in life, appointing a Power of Attorney can be the most straightforward way to ensure that your best interests are looked after, ensuing that you receive the peace of mind of knowing your financial interests as well as your healthcare choices are taken care of.
What is a Lasting Power of Attorney?
A Lasting Power of Attorney or LPA is a nominated person who becomes responsible for looking after you if you suffer from reduced mental capacity. It is this person who becomes responsible for your financial affairs such as making sure that your bills are paid and that you can meet your financial obligations. They will also become responsible for ensuring that your wishes for healthcare are carried out to your exact instructions if you are no longer able to make your desires known.
It is important to understand that if you don’t appoint an LPA and subsequently become ill or otherwise incapacitated, your family will have to undergo a comprehensive court process to become your deputy and act on your behalf.
LPAs are Legally Binding
If you have an LPA in place, it cannot be ignored and overridden as it as seen as a legally binding agreement. This in itself provides a great deal of peace of mind that your wishes will be adhered to.
Preventing Family Feuds
Times of illness can be very stressful for families as they struggle to come to terms with potentially loosing someone close to them. This stress can add a number of complications to dealing with the care process for a member of family, especially if it can’t be agreed who should be taking responsibility.
Appointing an LPA removes this element of conflict by allowing you to detail who should represent you, as well as what you want to happen in the event of you no longer being capable of making decisions or communicating effectively.
In the Event of Your Death
In addition to your LPA, it is very important that you also communicate your wishes in the event of your death. One of the mechanisms for doing so is with the writing of Wills which allows you to decide what will happen to your estate and your possessions once you pass away. You are also able to appoint an executor on your behalf who will oversee your Will being progressed through probate.
The other mechanism for communicating your wishes and protecting your assets is via the formation of what are known as trusts. It is these trusts which will allow you a greater element of control over the future of your assets via a strict set of terms.
Heritage Wills: Providing Guidance in Appointing Powers of Attorney
To discuss your requirements for the formation of a Lasting Power of Attorney, call us today on 01603 894500 to speak to a member of our team who will guide you through the process and answer any questions or concerns you may have.