The Importance of Granting Lasting Power of Attorney
There is no doubting the importance of granting Lasting Power Of Attorney to a trusted and close relative or friend.
If you do not have this in place and you are no longer able to handle your affairs yourself, maybe due to an accident or an illness, or maybe just due to the aging process, then it can mean all manner of problems for people close to you to be able to keep your affairs running smoothly for you.
So Lasting Power Of Attorney allows you to choose people to act on your behalf, as an attorney, and make decisions about your property and financial affairs, when you are no longer able to make these decisions for yourself.
This can include running your bank accounts and savings accounts, decisions about making or selling investments and selling property, and spending your money.
As you can see, it is vital that you choose a person, or more than one person, who you can virtually trust with your life.
Preferably a close relative, or a friend that you have known and trusted for a number of years.
Your attorneys cannot do whatsoever they like of course.
They must follow the principles of the Mental Capacity Act 2005.
It is important your attorneys have regard to the code of practice written down in this Mental Capacity Act.
So your attorneys must act in your best interests at all times in making decisions for you, and they must take into account all the relevant circumstances.
This includes, if appropriate, consulting you and others who are interested in your welfare.
It is important to grant Lasting Power Of Attorney, as if you do not and you become ill, then it may be impossible for anyone to access your bank account to pay your bills, or to collect your pension or benefits.
Infact, the Court Of Protection can appoint a deputy to control your affairs, who will charge you a large fee for looking after your affairs, and can sieze all your assets.
This is to be avoided at all costs.
If you do not have this in place and you are no longer able to handle your affairs yourself, maybe due to an accident or an illness, or maybe just due to the aging process, then it can mean all manner of problems for people close to you to be able to keep your affairs running smoothly for you.
So Lasting Power Of Attorney allows you to choose people to act on your behalf, as an attorney, and make decisions about your property and financial affairs, when you are no longer able to make these decisions for yourself.
This can include running your bank accounts and savings accounts, decisions about making or selling investments and selling property, and spending your money.
As you can see, it is vital that you choose a person, or more than one person, who you can virtually trust with your life.
Preferably a close relative, or a friend that you have known and trusted for a number of years.
Your attorneys cannot do whatsoever they like of course.
They must follow the principles of the Mental Capacity Act 2005.
It is important your attorneys have regard to the code of practice written down in this Mental Capacity Act.
So your attorneys must act in your best interests at all times in making decisions for you, and they must take into account all the relevant circumstances.
This includes, if appropriate, consulting you and others who are interested in your welfare.
It is important to grant Lasting Power Of Attorney, as if you do not and you become ill, then it may be impossible for anyone to access your bank account to pay your bills, or to collect your pension or benefits.
Infact, the Court Of Protection can appoint a deputy to control your affairs, who will charge you a large fee for looking after your affairs, and can sieze all your assets.
This is to be avoided at all costs.