Lasting Powers of Attorney - The Insurance Policy You Didn't Know You Needed!
Posted on 28th March 2022 at 15:28
A Lasting Power of Attorney is a legal document that lets you (the ‘donor’) appoint one or more people (known as ‘attorneys’) to help you make decisions or to make decisions on your behalf.
This gives you more control over what happens to you if you have an accident or an illness and cannot make your own decisions (you ‘lack mental capacity’).
There are two types of Lasting Power of Attorney:
• Property & Finance;
• Health & Welfare.
Property & Finance:
This document is used to make decisions about money and property, for example:
- Managing a bank or building society account;
- Paying bills;
- Collecting rent, benefits or a pension;
- Selling a property.
This document can be used with your consent as soon as it is registered.
Health & Welfare:
This document is used to make decisions about the kind of care that you receive, for example:
- Your daily routine (washing, dressing and eating);
- Medical care;
- Deciding whether to move into a care home;
- Life-sustaining treatment.
This document can only be used on loss of capacity.
Janet is 80 years old and has recently been diagnosed with dementia. She has been struggling with her memory recently and is starting to have difficulty handling her money. Luckily, she put a property & financial affairs document in place 5 years ago and now her son Steven is able to contact the bank on her behalf, help her make necessary payments for her care and ensure that all of her household bills are paid on time.
Jake is 26 and has recently started a promising rugby career. After a heavy knock at his last game, he suffered brain damage and can no longer look after himself or his finances. However, as Jake acted proactively and had Lasting Powers of Attorney in place, his mother was able to manage his bank accounts and ensure that no payments were missed. She is also able to make decisions as to the type of care and treatments that he will receive in the future.
John is 55 and a landlord with around 6 properties in his portfolio. His only income is rental income and income from his managed investments. After a recent head injury John is now unable to attend these properties and deal with the letting. Thankfully, he appointed his son James to be his attorney for his property & finances allowing him to keep the properties tenanted and the income coming in. James also has been given the power to continue the discretionary arrangements and release the income to support his father.
Making a Will is easy
At Avery Walters our team of specialists can provide advice about Wills, Lasting Powers of Attorney, Trusts and Probate.
Contact us on 0113 2007480 or email us at email@example.com to arrange your free initial, no-obligation consultation with a specialist.
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