When Should you Think About Setting up a Power of Attorney?

Everyone over the age of 18 should really think of setting up Lasting Power of Attorney (LPOA). This legal document will mean that your health, welfare and your finances will be safe should you have an accident, suffer from a deteriorating illness or simply be unable to take care of your own affairs.

Misconceptions

With Alzheimer’s and dementia increasingly in the news, there is a common misconception that a LPOA is only advisable for the older members of society. This isn’t true; anyone over 18 may have an accident that means that others will have to step in to help them run their lives. As long as you have all your mental faculties at that time, you will be able to have a LPOA.

If you suffer from a progressive and debilitating illness, and leave this decision to the last minute, it may be too late. You should also allow around 10 weeks for the whole process to go through, as, according to the government, the LPOA will have to be registered with the office of the Public Guardian, complete with all the details of your legal representatives and nominees. Something else to bear in mind is that an LPOA may not be valid abroad so if you have assets overseas you may have to speak to a notary.

Nominate those you trust

Illness can be frightening at the best of times. One way of coping with all the worry is to consider a LPOA as soon as your illness has been diagnosed. If you recover from your illness, and many cancer sufferers, for example do, then you can always reverse the LPOA, or leave it in place. You should discuss a LPOA with your family and your closest and most trusted friends. They will want you to concentrate on your health, and not worry about financial decisions.

If you don’t have a LPOA in place, life can become very difficult very quickly. You may have to apply to the courts for permission to run your loved one’s financial affairs. This can even mean filling in a government benefit form for additional support, and the court application process can take up to six months; it is also costly.

A LPOA will help your life run more smoothly

An article on the This is Money website shows how a LPOA helped a couple in their early 50s once a diagnosis of early onset Alzheimer’s had been received for one of them. The husband, Tony, said: ‘you never know when you are going to need a lasting power of attorney, so have it up your sleeve ready. This isn’t a form you can just pick up at the Post Office – it takes time to organise.’

Two types of LPOA

There are two types of LPOA, one that concentrates solely on allowing others to ensure that you get the best possible care and attention when ill, and the other concentrates on finances. You don’t have to be wealthy to need the help of others to run your daily banking – with a LPOA, your nominated representative can apply for a new debit card for you, and monitor your benefits payments on your behalf. A LPOA removes one layer of stress at a time when all will want to make life as easy as possible.

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