Lasting Powers of Attorney
As we grow older we often worry about what will happen to our personal and financial affairs and who will manage them if we become ill or have to go into hospital or a nursing home. It is possible for relatives and friends to be appointed to manage the personal and financial affairs of those who are no longer capable of looking after their own affairs.
A Lasting Power of Attorney is a legal document in which you appoint one or more individuals to manage your affairs on your behalf. By creating a Lasting Power of Attorney you are ensuring that your affairs can be kept in order should you later become physically or mentally incapable of managing your own affairs. It is not possible to create a Lasting Power of Attorney after you have become mentally incapacitated.
You can appoint one or more people to be your Attorneys and it is usual to choose close family members. They could ultimately have total control over your assets and they must therefore be people whom you trust to act in your best interests. If you have no close relatives, or they live abroad, it is possible to appoint a Solicitor or Accountant to act as your Attorney.
Before your Attorney can use the Lasting Power of Attorney they must register it with the Office of the Public Guardian and confirm to certain persons that they are doing so. The Office of the Public Guardian will then register the Lasting Power of Attorney allowing your Attorneys to use the document and manage your finances and property.
The cost of creating a Lasting Power of Attorney will depend on whether you are also making a Will and whether, due to a physical incapacity, we will need to visit you at home or in hospital.
