A lasting power of attorney sets out who you want to appoint to act on your behalf or make decisions if you are no longer able to make them for yourself. A family solicitor will be able to help you draw up the required paperwork. You must be eighteen years old or more to draw up a lasting power of attorney. What’s more, you must have mental capacity (in other words, the ability to make your own decisions) at the time when you sign it.
The other situation where people use a lasting power of attorney is to decide on matters around property or finances. This allows someone else to pay your bills and manage your bank account. As a result, you can keep your home running for longer even if you cannot physically sort the admin yourself.
A lasting power of attorney for property and finance also enables someone to collect a pension for someone else. Finally, it allows someone to sell a person’s home if they need to go into residential care, for example.
What goes into a lasting power of attorney?
The lasting power of attorney document names the person or people who have the power to act for you if you cannot do so. It lists the situations and areas in which they can step in. It is important to choose someone whom you trust, and who has the capacity to make well-informed, logical decisions. You can cancel it at any time, so long as you still have capacity to make your own decisions. Or, you can make a new one, because people’s situations change, and you may want someone different to act for you.When do you need it?
There are two main reasons why a lasting power of attorney is set up:-
Medical care
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Property and finances
