Is a Lasting Power of Attorney important? Yes, what if you become unable to manage your affairs?
Growing old can be complicated enough without losing control of our welfare and financial affairs due to becoming incapacitated.
A loss of mobility or an illness can impede on your ability to manage your affairs and the prospect of unpaid bills or in the absence of important family decisions can cause anxiety and stress to both you and your family.
Losing capacity is difficult enough for all concerned without the added worry that important decisions and finance may become muddled. If there is a time you become unable to manage your financial affairs or personal welfare you need someone you trust to act on your behalf.
Even younger folk can find themselves incapacitated, owing to illness or injury, so we all need somebody to trust to act on our behalf and properly manage our affairs, at a time when we most need peace of mind.
By creating your Lasting Power of Attorney (LPA) in advance it enables you to formally appoint somebody you trust should the worst happen. Without an LPA your finances and welfare could fall under governmental control – The Office of the Public Guardian will run your finances and Social Services will decide on your welfare decisions. This external intervention can prove very costly and frustrating to both individuals and families as they are often excluded from important decision making processes whilst costs and charges are applied.
You can appoint a friend, relative or professional to act as your Attorney but needless to say it is important that you choose your representative carefully. You must only choose somebody who you can trust who will only act in your best interests.
Do not lose control of your own important decisions – have that peace of mind by putting a Lasting Power of Attorney in place.