Lasting Powers of Attorney

Have you considered who would manage your financial affairs in the event that you were unable to manage them yourself, either through loss of physical or mental capacity?

It is a common mistake to assume that your financial affairs will automatically be managed by your next of kin. Instead it is crucial to ensure that proper legally binding arrangements are put in place prior to loss of capacity. This is achieved through setting up a Lasting Power of Attorney.

People can become unable to manage their own affairs or make important decisions at any stage of life. An accident, physical ill health or mental illness may make the everyday routines of paying bills, managing a budget and making financial decisions difficult and stressful and in some cases impossible. A Lasting Power of Attorney is a legal document that appoints someone (usually a family member) to manage your affairs for you. This person is known as an Attorney.

In the event that you do not appoint an Attorney and subsequently become unable to manage your affairs through reason of loss of mental capacity, your family will only be left with the alternative of an application to the Court of Protection for a court appointed Deputy. See our Court of Protection section for more details.

In most cases a Deputy will once again be a family member and it should be said can carry out the same functions as an Attorney. However, unlike a Lasting Power of Attorney arrangement, a Deputy carries out their functions under the supervision of the Court of Protection. The Deputyship application itself and the ongoing administration following the appointment is an expensive and time consuming process and places a further burden on your family at what is already a difficult time for them. It is for these reasons that we strongly recommend Lasting Powers of Attorney to our clients to give them the peace of mind that a deputyship application will not be necessary and the reassurance of appointing people of their own choice to manage their affairs for them.

It is also the case that the process of making a Lasting Power of Attorney and the involvement of a solicitor ensures that considerable protection is given against financial abuse. It is an unfortunate fact that prior to their introduction in October 2007, and during the old Enduring Power of Attorney regime, financial abuse, particularly against the elderly, was commonplace.

Protect your medical wishes

People often only associate Lasting Powers of Attorney with the management of their financial affairs. However, it is also possible to make a Lasting Power of Attorney relating to your Health and Welfare covering anything from dietary requirements to withdrawal of life sustaining treatment. Read more here

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