Becoming physically or mentally incapable of looking after your own affairs is a realistic issue for people of all ages. You can appoint someone you know and trust to take control of, or assist you with, your financial or personal welfare decisions.
Lasting Powers of Attorney replaced Enduring Powers of Attorney in October 2007. There are two types of Lasting Powers of Attorney, one for financial affairs and the other for health and welfare decisions. A Financial Affairs Lasting Power of Attorney gives your Attorney authority to deal with your finances, pay your bills, decide how your financial affairs are managed and even assist in selling your house if required. Such documents are extremely valuable if you ever lose the ability to deal with your own affairs, whether temporarily or permanently.
A Lasting Power of Attorney for Health and Welfare gives your Attorney the authority to make decisions with regard to issues such as life sustaining treatment or the decision to accept or decline particular medical treatments.
In the event that an individual does not have the requisite capacity to create a valid Lasting Power of Attorney, it is a common misconception that only the Court of Protection can control of your affairs.
Many people are not aware that it is possible for someone (e.g. a friend, relative or solicitor) to make an application to the Court of Protection for a Deputyship Order. A Court appointed Deputy can have as much authority to handle your financial affairs as an Attorney would do.
The Deputyship Order application process is complicated and time consuming and specialist advice is recommended before taking action.
For an informal, no obligation discussion to consider your personal requirements please contact a member of the Private Client team.