Growing old is an inevitable part of life, and it can bring a lot of physical and mental ailments. This is why setting up a Power of Attorney is important while you still have the mental faculties to do so, before you are incapable of making your own decisions in regards to your medical or financial affairs.
Read on to find out more about Power of Attorney.
What is Power of Attorney?
Power of Attorney is a document that provides another person to make decisions on behalf of someone when that person is no longer capable of doing so or desires to have somebody else make these decisions. This could be a result of illness, an accident or becoming senile. It can be used for a variety of purposes such as selling property, claiming benefits and making decisions about healthcare. Power of Attorney must be granted while a donor has the mental capacity to do so, so it should be put in place well in advance of any possible deterioration. There are a few different types of Power of Attorney, which are detailed below.
Lasting Power of Attorney
Lasting Power of Attorney in an ongoing agreement with no specific end date, which will allow an individual to make decisions for a donor indefinitely. This can be further broken down into two types:
- Property & Financial Affairs – This allows the Power of Attorney to make decisions about money and property. They can manage bank accounts, pay bills, collect benefits and sell property. This can be put into place as soon as a donor agrees, even if they are of sound mind.
- Health & Welfare – This allows the Power of Attorney to make decisions about medical care, moving into a care home or medical treatment that could sustain life. This type of Lasting Power of Attorney can only be used once a donor cannot make these decisions themselves and must be agreed when they have the mental capacity to do so.
Ordinary Power of Attorney
Ordinary Power of Attorney allows someone to take over the affairs of a donor for a limited time only. This type of arrangement is useful if someone is temporarily unable to make their own arrangements or is out of the country for extended amounts of time. The period of this arrangement is specified in the registration process and automatically expires if the donor loses the mental capacity to ensure it is not abused.
This type of Power of Attorney can also be arranged to cover specific affairs, such as just financial decisions or only medical ones. This could be because the donor still wants some control over their own life but is happy to let other aspects be cared for by someone else.
Richards & Lewis
Here at Richards & Lewis, we can help you through the process of setting up Power of Attorney, giving you honest advice on how best to protect your assets and loved ones. We know that this is a difficult process, so our friendly staff based in Ebbw Vale will carefully guide you through, being as attentive to your needs and emotions as they can.
So give us a call on 01495 350 018 to find out more about our wills & probate solicitors, or visit our website now to find out about the other services we offer, from family law to conveyancing.