None of us like to think that there may be a time when we cannot manage our own affairs. However, worse than this is that someone that you would not choose is placed in charge of them. Making a Power of Attorney means that you stay in control; you choose your attorney or attorneys at a time when you are calm and rational, and when you have time to organise everything and ensure that the right people are chosen.
By making a Power of Attorney when you are well and able, you can reassure those that you love, that if an unexpected event happened to your health, they would not additionally have to worry how your bills would be paid, and how they would manage things for you.
I would advise that you choose more than one attorney, and that they act jointly and severally which means that anyone of them can act without the other. This way your Power of Attorney does not become “out of date” if one of your attorney dies or becomes ill themselves. It is important to note that a Lasting Power of Attorney can also be used with your permission whilst you still have mental capacity too – you may just need some help from time to time.
A properly made Lasting Power of Attorney is invaluable when necessary. Wrongly made, or with poor advice and the wrong types of attorneys it is a powerful tool that could place the wrong people in charge of your finances at a time when you may be vulnerable. At the same time, if you do not have a Power of Attorney, and you lose mental capacity then the Court of Protection have to appoint a deputy. This is more expensive, and bureaucratic, and may not be your choice of person looking after you.
And a Lasting Power of Attorney is not always just about finances. It is possible to make a Power of Attorney about your health and welfare too and even, if you wish, regarding your end of life care. Carefully chosen people who know your wishes will then have the right to make life decisions on your behalf rather than the medical or social care team guessing what you may have wanted for yourself.
Make a Lasting Power of Attorney - be in charge of your future.