Why should I make a Lasting Powers of Attorney?

Although most people know that it is essential to leave a well drafted Will to make provision for their estate to be dealt with following their death, it is also important to plan for the possibility of becoming mentally incapable of making decisions during your lifetime.

If you become mentally incapable of managing your own affairs, any informal or general authority which you have granted to another person to make decisions for you will become invalid. If you have not made Lasting Powers of Attorney, it is likely that your family would need to apply to the Court of Protection for authority to deal with your affairs for you. This can be a time-consuming and costly process. This can, however, be avoided by making Lasting Powers of Attorney while you are well enough to do so.

Lasting Powers of Attorney allow you to appoint one or more people to act on your behalf in relation to your property and financial affairs, your health and welfare or both of these matters.  Once Lasting Powers of Attorney have been completed, they must be registered with a body known as the Office of the Public Guardian before they can be used. Once registered, Lasting Powers of Attorney remain valid even if you become mentally incapable of managing your own affairs. In this way, you can ensure that decisions can be made for you by people you trust to safeguard your interests in the event of your mental incapacity.

Lasting Powers of Attorney can also be used in relation to property and financial affairs if you become physically unable to deal with matters yourself, perhaps as a result of physical disability or visual impairment.

If you would like to make Lasting Powers of Attorney, or discuss any estate planning issues, please contact Nicholson Portnell and speak to Laura Murphy, Pamela Air, Sara Frost or Alison Bragg, who will be happy to assist you.