Life is uncertain. Events that may prevent us from making vital decisions about our finances, health, or welfare can unfold.
In such circumstances, a power of attorney (PoA) becomes invaluable. This legal document, rooted in the Powers of Attorney Act 1971, ensures that your decisions are made according to your wishes, even if you’re unable to make them yourself.
A power of attorney is a legal document wherein you, the ‘donor,’ appoints one or more persons, known as ‘attorneys,’ to make decisions on your behalf.
The circumstances under which they act, the scope of their powers, and the type of decisions they make can vary based on the type of PoA in place.
There are various types of power of attorney:
Remember, LPAs can also appoint replacement attorneys to step in if primary ones become unavailable or unable. Additionally, you have the power to cancel your LPA as long as you have the mental capacity to make that decision.
For those who set up an Enduring Power of Attorney (EPA) before October 1, 2007, it remains valid but is limited to property and financial decisions only.
The primary benefit of planning ahead with a power of attorney is peace of mind.
Knowing that someone you trust will handle your affairs if you’re incapacitated alleviates the stress for both you and your loved ones.
It’s crucial to seek legal advice when setting up a PoA. Solicitors with specialist knowledge in power of attorney can provide tailored advice to guide you through the process.
They have expertise in elderly client law, ensuring that your best interests are safeguarded.
In essence, powers of attorney are more than just legal documents; they’re a bridge to ensuring that your wishes are upheld and your interests protected.
Given the unpredictability of life, making provisions for unforeseen events is not only prudent but essential.
Investing time now to secure your future might be one of the most significant gifts you give to yourself and your loved ones.
Batt Broadbent offers bespoke advice on all forms of power of attorney. Contact us here to learn more about how we can help you.