Brilliant, even though I work for an Insurance Company I would do business again
FAQs
What happens if I don't make a Lasting Power of Attorney?
You can only make a Lasting Power of Attorney at a time when you are able to understand what it is and what it does. If you leave it too long, it may be too late. Many people wrongly believe that they make a Lasting Power of Attorney after they have lost capacity (or, at least, after they have started to lose capacity). This complicates the process significantly. It is far better to plan ahead and to make a Lasting Power of Attorney at a time when you are mentally very alert.
If you lose mental capacity and do not have a Lasting Power of Attorney in place the first consequence is that your assets cannot be dealt with. This means that the money cannot be taken out of your bank account and your house cannot be sold. This can cause problems (for example in the payment of care home fees).
In order to gain access to the assets, it is necessary for someone (on your behalf) to apply to the Court of Protection to be appointed as your Deputy. This is the legal name for someone who is granted permission by the Court to make decisions on your behalf. The cost of this application will usually come out of your assets. It is expensive and can take over 6 months to complete. There are then annual costs of acting as a Deputy.
By taking control of the situation at an earlier stage this additional cost and delay can be avoided.
Do I need separate Lasting Powers of Attorney for my Property & Financial Affairs and for my Health & Welfare?
Yes. Lasting Powers of Attorney have to be completed on what are called "prescribed forms". This means that the two documents have to be separate (and separately registered). However, it is generally the case that producing both documents at the same time is cheaper than it would be to make them at different times as much of the information appearing in both documents is the same.
Do I have to register it now?
Technically, no. A Lasting Power of Attorney does not have to be registered when it is produced. However, it does have to be registered before it can be used. By registering immediately you are able to make sure that the Lasting Power of Attorney is available to use as soon as it is needed.
If you decide not to register and then, for example, suffer a stroke, there will be a period of time when the document cannot be used - it will be going through the registration process. This can take many months.
Who should I appoint as my attorney?
This is a complicated question. It depends on a lot of things. Clearly you should pick someone that you trust will act in your "best interests". With a Property & Financial Affairs Lasting Power of Attorney, it also pays to appoint someone who knows how to look after their own finances. After all, you wouldn't want to set someone free on your finances if they have trouble looking after their own!
Aside from that, it can be whoever you want, provided that they are at least 18 and are not bankrupt. Most people use husbands, wives, children or other family members. Some appoint friends and others pick a solicitor to act as a professional attorney.
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