The Benefits Of Lasting Power Of Attorney

What would be the implications for your family and other dependants if accident or

illness rendered you mentally incapacitated? Questions do not come more unpleasant or important than this. Lasting Power of Attorney is a legal term many people associate with terminal illness and old age, however, even if you are in the prime of your life it is still important to plan for the unexpected. This all sounds rather morbid but peace of mind can be gained from the knowledge that your family would be able to support themselves without your help.

A Lasting Power of Attorney allows a chosen person (attorney) to make decisions for another person (donor) if and when that they ever become mentally incapacitated. Lasting Power of Attorney can give the appointed attorney decision making powers over a persons property, financial affairs, health and welfare as if they were the person themselves. This is important because in law if an asset is not held in your name you do not have the right to make decisions about what happens to it. For example if a bank account is in your name only you have the power to draw funds from it. This means your money would become inaccessible if you were mentally ill unless you have given Lasting Power of Attorney over your affairs.

In the UK a Power of Attorney must be registered with the Office of the Public Guardian to be legally valid. The Lasting Power of Attorney ends if the donor regains mental capacity and chooses to end it, if either the donor or the attorney become bankrupt, if any attorney dies (including one of multiple attorneys) and finally if the donor themselves die.

Giving away control is a daunting prospect so it is important to think carefully about how it would occur. Firstly, choosing the right person or persons to be your attorney(s) is crucial. They must be someone with mental capacity themselves who you trust implicitly to act in your best interests. If you choose multiple attorneys they need to be able to reach a consensus over decisions about your affairs. Secondly, the drafting of the Lasting Power of Attorney must achieve your intended objectives in terms of its scope. This means that the attorney is only given the right to make decisions about the areas of your life you wish them to.

There are two types of Lasting Power of Attorney. The first grants power over your property, bank accounts and other investments, state benefits, taxation, debts and legal cases. The second type is a Personal Welfare Lasting Power of Attorney which gives powers over where you live, your care, your health treatment, your contact with other people and access to your personal information.

As mentioned above the powers each type gives is determined by the conditions included when the document is written. It is crucial therefore to ensure you seek appropriate legal assistance when drawing up a Lasting Power of Attorney to ensure it is written in a way which achieves your legal aims. The complexity of completing the forms almost always call for the skills of a solicitor experienced in filling them out.

Copyright (c) 2010 Richard Barlow

by: Richard Barlow

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