AN OVERVIEW TO LASTING POWERS OF ATTORNEY
The possibility of losing mental capacity is not something that any of us would want to think may happen to us but it is a growing problem in the UK which is experiencing an ageing population.
Apart from the emotional stress that the loss of mental capacity can put on loved ones, the practical issues alongside this can also cause a burden for relatives. They may encounter difficulties in dealing with property, financial investments or just day to day difficulties in dealing with bank accounts on behalf of the person who has lost capacity. To reduce this stress, it is possible to set up a Lasting Power of Attorney but it is crucial to do this while you still have the mental capacity to do so. If mental capacity is lost and no Lasting Power of Attorney has been created there is a long, expensive and distressing process involved for relatives to be able to deal with your finances and property on your behalf.
Therefore, a Lasting Power of Attorney for Financial Decisions set up by somebody who has the mental capacity to do so can allow the person making the Lasting Power of Attorney to nominate friends or family to make financial decisions on their behalf, easing the strain for those loved ones if mental capacity is lost.
It is also possible to prepare a Lasting Power of Attorney for Health and Care Decisions which can give friends or relatives the option to make decisions in relation to health care or welfare on behalf of those making the Lasting Power of Attorney.
If you would like to speak to anyone about the possibility of the preparation of a Health and Care Decisions or Financial Decisions Lasting Power of Attorney, then please contact Trevor Price at the Penrith office or Charlotte Birtles at the Appleby office.