These are also very important legal documents. Sadly, mental incapacity could affect you at any time through accident or illness, which would mean you would at that point be unable to specify who should manage your financial and health matters. You can only make such directions when you have mental capacity. To enable you to make the appointment of the correct person(s) there are two types of Lasting Powers of Attorney, namely:-
This Lasting Power of Attorney enables you to appoint a person or persons, known as an Attorney to make financial decisions on your behalf. This can include opening or closing and/or the daily running of your bank or building society accounts, claiming benefits on your behalf, buying or selling your house, making or selling investing, paying your household, care and other bills.
HEALTH AND CARE DECISIONS
This Lasting Power of Attorney enables your Attorney/s to make decisions relating to the type of care and medical treatment you receive, including life sustaining treatment, making decisions on your behalf in respect of whether you should stay in your own home and support from Social Services and day-to-day matters such as your diet and daily routine.
You can choose anyone to be your Attorney/s however they must be over the age of 18, have mental capacity and cannot be bankrupt. They must be someone who you trust to deal with your personal affairs.
Many people assume a Lasting Power of Attorney is just for the elderly. However, this is an incorrect assumption. Unfortunately, tragic accidents occur leaving a person incapacitated requiring help with their affairs. A Lasting Power of Attorney enables the Attorney to deal with this on your behalf whether it be because you no longer have mental capacity, or you simply your mobility means you are unable to get out and about any longer.
If a Lasting Power of Attorney is not obtained and you become incapacitated, then family members have to apply for Deputyship from the Court of Protection. This is a very lengthy and costly process. A Lasting Power of Attorney avoids this. It allows you to plan ahead enabling you to choose a family member or a friend to make decisions for you in the future if you are no longer able. You may wish to appoint an Attorney to act now on your behalf if you feel you are unable to deal with certain matters.