Posted on: March 3, 2020
It isn’t a pleasant reality to face but as we start to live longer lives we are becoming more susceptible to debilitating diseases and conditions such as Alzheimer’s and Parkinson’s disease. There are also the issues that can arise from strokes, heart attacks and diabetes. Although, thankfully, there is no guarantee that any of these awful things will happen to you it is a good idea to be prepared in case the worst case scenario does occur and we become mentally incapacitated in some way. You need to consider what is going to happen if you cannot make decisions for yourself regarding your finances and wellbeing. You may have already made a will but this is only in effect for when you pass on it has no effect on your life now. The way to take control of the situation, and that is the best way to look at it, is to get a lasting power of Attorney. We are a Cheltenham Power of Attorney company that can help you with all of the questions that you may have along with creating and filing your legal documents. For more information about our power of attorney services click here
The aim of this piece is to help you understand what that is.
Giving someone Power of Attorney is a decision that requires ultimate trust in the other person. It basically states that if you ever become unable to make decisions for yourself the nominated person or persons will start to make them for you on your behalf. This is a great responsibility and you should be one hundred percent sure that the people you choose are totally committed to assisting you. Power of Attorney does not have to be lasting. It can also run for a specific amount of time whilst you undergo treatment for example or are recovering from an operation. Control means that they will be able to spend your money, deal with financial queries from banks, claim benefits for you and purchase anything that you might need or have to sell included property.
The person who takes over your affairs is called an attorney and you are referred to as the donor. As the attorney is responsible for all your financial affairs they will need to be made aware off to any banks building societies and other financial institutions that you have dealings with. You have to be able to make the decision that you will have a power of attorney when you are of a sound mind or have what is called mental capacity to choose one. There are three types.
Ordinary – this is for a set period and is not long lasting. For example, you may be out of the country for a long time.
Lasting – this option gives the attorney power over your affairs should the worse happen. They will control you financial dealings and your health care provision.
Something to consider at the very least.