Lasting Power of Attorney

Growing older can mean problems for us and our loved ones.

An Introduction to Business Succession​

Lasting Powers of Attorney

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 due to 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.

 

What If I Am Unable To Manage My Affairs?

There may come a time in your life when you 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.

Even when we are young, we can find ourselves incapacitated owing to illness or injury and it can be invaluable having a reliable person, who is able to manage your personal affairs and remove the anxiety of having unpaid bills, at a time when you most need peace of mind.

Similarly, as we get older, the need for an attorney increases as we are more prone to illness and injuries.
Creating an Attorney in advance ensures that if the worst were to happen, you can rest assured that both your financial affairs and personal welfare are in safe hands.

You can appoint a friend, relative, or a professional as your Attorney. This allows them to act on your behalf.

The Different Types of Powers of Attorney

A General Power of Attorney

A General Power of Attorney allows the Attorney to make decisions and act in any matters relating to the Donor’s property and affairs (with the exceptions of making a Will, making gifts or performing in the Donor’s role as a Personal Representative, Administrator or Trustee).

A Lasting Power of Attorney for Property and Financial Affairs

A Lasting Power of Attorney for Property and Financial Affairs authorises the Attorney(s) to make decisions about the Donor’s property and affairs.

The Powers extend to all matters concerning the Donor’s property and financial affairs: this could include buying property in the Donor’s name, selling property belonging to the Donor, (including the Donor’s home), managing their investments, continue to run their business and make decisions about the Donor’s healthcare and payment for this care.

A Lasting Power of Attorney for Welfare

A Lasting Power of Attorney for Health & Welfare covers decisions about a Donor’s personal welfare which can include where they live, how they are cared for and what healthcare they receive, for example the decision to send the Donor to a nursing home