…do I really need one?
In short yes, everyone needs one. Whether you are young, fit, and healthy or starting to take things a little slower, a lasting power of attorney is an essential item in the toolbox of life!
What is it?
It is a legal document that appoints another person, or several people to act on your behalf in relation to matters ranging from decisions about your health and wellbeing to property and financial decisions.
Why do I need one?
Most people associate Powers of Attorney with getting older and losing the capacity to make your own decisions. However, there are wide-ranging benefits of appointing someone you trust to manage your affairs even whilst you remain fit and healthy or are temporarily incapacitated, whether physically or mentally.
For example, as a business owner, it is important to consider what will happen to your business if you are unable to make or administer decisions. This can be as simple as who will authorise the payment of bills and salaries or sign cheques when you are on holiday or otherwise unavailable. Leaving these decisions unresolved is a real risk for any business and ultimately in the case of your incapacity may well leave you and your dependents fully exposed.
Of course, it’s not all about money. A lasting power of attorney can offer just as many benefits when it comes to your health and welfare, both during your life and as part of your end of life care. Choosing someone who you trust to make decisions about your daily routine, medical care, where you live, and how you are treated should be a top priority for all age groups.
Your Attorney must act in your best interests and only in accordance with the powers that you have granted them. You can limit the decisions that they can make and the circumstances in which you want them to act.
