There may come a time in your life when you lose mental capacity and are unable to manage your financial affairs or personal welfare, owing to some form of incapacity and you will need someone to act on your behalf. This person is called an Attorney.
An Attorney is a person given power to act on a Donor’s behalf, either through a Lasting Power of Attorney or an Enduring Power of Attorney, if the Donor were to lose capacity. (The Donor is the person making the Lasting Power of Attorney)
Enduring Power of Attorney
Enduring Power of Attorney was the legal document used to appoint Attorney’s prior to October 2007 at which point it switched to the Lasting Power of Attorney. Existing Enduring Powers of Attorney are still valid but new ones can’t now be drawn up.
Even if you already have an Enduring Power of Attorney you should consider a Lasting Power of Attorney for Health and Welfare as Enduring Powers of Attorney only allow your Attorney to make decisions about financial matters.
Lasting Power of Attorney
Appointing an Attorney by creating a Lasting Power of Attorney ensures that if the worst were to happen and you lose mental capacity, you can rest assured that both your financial affairs and personal welfare are in safe hands. Making a Lasting Power of Attorney is the only way to legally state who you wish to look after your affairs if you lose mental capacity.
Without a Lasting Power of Attorney or an Enduring Power of Attorney it is up to the Courts to make decisions for you which can be very costly, time consuming and distressing for your relatives.
- Growing older can mean problems for us and our loved ones…
- Loss of mobility or illness can make it difficult to manage your affairs.
- The prospect of unpaid bills can cause unnecessary stress and anxiety and delay someone’s recovery.
- Even the young can encounter problems dueto accident or illness.
An elderly relative losing capacity is difficult enough for loved ones to deal with, without the added worry that finances are becoming muddled.