We advise that everyone should make Lasting Powers of Attorney. We tell our clients to think of them as an insurance policy – they may never need to rely on them but they are worth their weight in gold if they do. There is a common misconception that they are only for the “elderly”, but as the pandemic has sadly demonstrated, we never know what’s round the corner when it comes to our health and wellbeing. There is also a misconception that powers of attorney are only there as a safeguard in the event that you lose mental capacity but they are equally useful if you are affected physically (either temporarily or permanently).
Making a Lasting Power of Attorney empowers you to choose who will make decisions if you become unable to. If you don’t have one and become unable to make your own decisions, anyone can make an application to the Court of Protection to act on your behalf and it may not be someone that you trust or would have chosen. An application to the Court of Protection is also costly and can take 6-12 months or longer.
We prepare and register Lasting Powers of Attorney for clients in relation to their personal affairs, for both financial decisions (including decisions relating to property) and for health and care decisions.
We also work with business owners, advising on the different considerations they may need to take to ensure that business decisions can continue in the event they become unable to make them themselves. Business owners often overlook that the people they appoint as attorneys in relation to their personal affairs may not have the expertise or be suitable to make decisions regarding the business. Shareholder or Partnership agreements often set out what happens if a member of the business loses mental capacity. It is imperative that any appointment of attorneys does not conflict with this and we are able to review your agreements and advise you (in conjunction with our Corporate and Commercial team) and prepare and register Lasting Powers of Attorney that relate specifically to business decisions.
Make a decision today regarding your future decision making and contact one of our team members below for assistance.