What is a Lasting Power of Attorney?
A Lasting Power of Attorney allows an individual to appoint a person of their choice (an Attorney) to look after their affairs at a time when they are no longer able to make decisions or manage their affairs themselves.
There are 2 types of Power of Attorney that can be created:
Property and Affairs
This gives the attorney the power to make decisions on behalf of the person seeking help (the donor) concerning all of their financial affairs including bank accounts, pensions, benefits, bill payments and the sale of property.
Health and Welfare
This gives the attorney the power to make decisions on where you live, day to day care, which may include diet, and what to wear.
The attorney can also make key decisions on whether to accept life sustaining care.
Why do I need a Power of Attorney?
In the event that’s someone suffers from an injury, has a serious accident or illness or is at a stage in life where their mental ability has been affected, without a lasting power of attorney in place a relative or someone close would have to apply to the Court of Protection for a Deputyship Order.
This is a very lengthy and costly process with the applicant having to provide very personal information about them, their family; finances and their relationship with the person that they wish to look after. The whole process can take from 12 weeks to 10 months. This might have quite an effect on the finances or wellbeing of the person who is seeking help.
Power of Attorney is not part of the Quilter Financial Planning offering and is offered in our own right. Quilter Financial Planning accept no responsibility for these aspects of our business.
For more information about Power of Attorney please contact us on 020 8441 2605 or 01442 232 272. Alternatively click here for our enquiry form.