LAW
Why everyone should have a Power of Attorney
A POWER OF ATTORNEY IS A VERY VALUABLE DOCUMENT TO HAVE IN PLACE , ALLOWING YOU TO PLAN FOR THE FUTURE WHEN YOU CAN NO LONGER MAKE DECISIONS FOR YOURSELF . IN THIS ARTICLE , WE LOOK AT WHY A POWER OF ATTORNEY IS SOMETHING YOU SHOULD CONSIDER .
BY WHITEHEAD MONCKTON
What is a Power of Attorney ?
A Power of Attorney is a legal document that gives a nominated person ( an attorney ) the authority to make decisions on your behalf should you lose mental capacity . There are two types of Power of Attorney , an Ordinary Power of Attorney and a Lasting Power of Attorney ( LPA ).
An Ordinary Power of Attorney is temporary , you will specify how long it is to last , and it focuses specifically on managing finances . An LPA will be in place until you pass away or it is otherwise revoked .
Types of LPAs
There are two different types of LPA :
• Property and affairs LPA - This type of LPA allows your attorney to make decisions regarding your finances and property .
• Health and welfare LPA - This enables your attorney to make decisions about your health and care .
I am young ; why do I need a Power of Attorney ?
When most people think of an LPA , they think of older people ; therefore , if you are young , you might think you don ’ t need one . However , as we don ’ t know what lies ahead in life , it is a good idea to have an LPA in place , no matter how old or young you are . Circumstances can arise where you might need an attorney to make decisions on your behalf , such as an accident or illness that affects your mental capacity and ability to make your own decisions .
Who should I choose to be my attorney ?
When choosing your attorney , you should consider it carefully . It is important as this person will act on your behalf and make life-impacting decisions . In your selection , you should discuss it with your chosen attorney , ensuring they understand the role they are agreeing to undertake .
Can I select more than one attorney ?
You can choose more than one attorney , and it might be a good idea to do so . This is known as joint attorneys .
If you are going to have joint attorneys , you must also consider how they will make their decisions - whether this is jointly and they work together or jointly and severally , where they can either work together or separately .
It is also a good idea to select replacement attorneys should your chosen attorneys be unable to carry out their role .
What happens if I do not have a Power of Attorney in place ?
If you do not have an LPA in place and can no longer make your own decisions , your family or loved ones will have to apply to the court to appoint someone to manage your affairs . This process is expensive and time-consuming , particularly compared to drawing up an LPA - which is relatively simple to do .
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