While some people are aware of Lasting Powers of Attorney and why they are needed, many still misunderstand their purpose and use. Therefore, it is necessary to explore common misconceptions people have about Lasting Powers of Attorney.
Firstly, think of Lasting Powers of Attorney like an insurance policy - you hope that you'll never need to use them, but it is better to have them ready just in case.
Don’t wait until it’s too late.
To make a Lasting Power of Attorney you need to have the capacity to do so and have someone present to sign the document confirming that they believe you’re capable of making such a decision.
If you have an accident or suffer from a condition that affects your ability to understand and/or communicate, you may no longer be able to make a Lasting Power of Attorney.
Younger people can be involved in accidents or suffer from conditions that may impact their ability to manage their affairs.
Unfortunately, we cannot predict the future, so we would recommend considering making Lasting Powers of Attorney regardless of your age, as they are not just for the elderly.
Not the same as a Will.
Many people think that by having a Will they have already made arrangements should something happen to them. However, a Will only takes effect on your death, while Lasting Powers of Attorney are used to manage your affairs while you are still alive.
While a lot of people appoint the same person to act in both documents, a Will does not appoint an Attorney on your behalf, nor does a Lasting Power of Attorney appoint an executor to deal with your estate when you pass away.
If you would like to learn more about Wills, Trust & Probate, speak to one of our experts today.
Protect your family’s future.
While Lasting Powers of Attorney are certainly used so that someone is appointed to act on your behalf should you lose the mental capacity to manage your affairs, they can also be used if you’re physically unable and need assistance managing your affairs.
For some, they may simply wish to appoint someone to manage their affairs for them if they are going abroad for a long time and won’t be able to manage their finances while they’re away.
If you have bank accounts, investments, or property in your name and are deemed to no longer have the capacity, usually, the only way to access them while you’re alive would be for you or a loved one to apply for a Court Order with the Court of Protection.
This is usually far more time-consuming and costly than obtaining Lasting Powers of Attorney. You also get to choose who will manage your affairs, which would not always happen if it was taken to the courts.
Get in touch today.
If you would like to find out more about Lasting Powers of Attorney, our expert team is on hand to guide you through your options.
We can take you through the whole process, from preparing the documents to arranging registration with the Office of the Public Guardian, meaning your documents would be ready to use if needed.
For a free consultation with one of our Wills, Trusts & Probate experts, call us on 0151 282 1700 or make an enquiry