
There might come a time when you are no longer able to make your own decisions.
Although no one likes to consider the potential prospect of not being able to make decisions themselves, a lasting power of attorney is an incredibly useful tool.
Making a power of attorney is a way of giving someone you trust (the attorney) the legal authority to make decisions on your behalf if you are no longer able to make them yourself.
Benefits of making a lasting power of attorney include, but are not limited to:
- Having flexibility and control
- You decide who takes care of your situation
- It provides peace of mind
- It can help to avoid court intervention
- Financial security
- It can help prevent family disputes
1. Having Flexibility And Control
One of the biggest benefits of a lasting power of attorney is having flexibility and control.
Although giving someone else the power to make decisions on your behalf might seem like the opposite of having control, choosing someone you trust to be your attorney ensures that your wishes are followed when you can’t carry them out yourself.
You can tailor your lasting power of attorney to meet your needs and preferences.Â
Moreover, you can include clear instructions on how your attorney should make decisions on your behalf, and set limitations on their powers.
This flexibility helps to ensure you maintain a degree of control over your future affairs.
2. You Decide Who Takes Care Of Your Situation
A key benefit of making a lasting power of attorney is that you get to decide on an attorney who takes care of your situation whilst you still can.
Whether it’s a family member or a close friend, you likely have a person or people in your life that you’d preferably select to be your attorney, and this is your chance to ask.
That said, it’s important to note there are two types of lasting powers of attorney to consider: health and welfare and financial and property.
As ‘it’s possible to select multiple people to be your attorney’, you might decide one person is a better choice to deal with your property and financial affairs, while another person is best suited to deal with your health and welfare.
3. It Provides Peace Of Mind
Knowing that your wishes regarding your finances and care are being taken care of by someone that you trust can provide a lot of peace of mind.
Without making a lasting power of attorney, you leave the decisions up to the unknown and have no written guarantee of what is to happen.
This can be an incredibly stressful thought not only for you but also for your family, so it’s best to make one with the help of a solicitor.
At Harding Evans, our expert solicitors can guide you through every stage of making a lasting power of attorney.
Contact our wills and probate team to discuss the next steps today.
4. It Can Help To Avoid Court Intervention
Making a lasting power of attorney can also help to avoid court intervention.
If you don’t make a lasting power of attorney and appoint an attorney before losing the capacity to make your own decisions, your family might be required to apply to the Court of Protection to appoint a deputy to manage your affairs.
This can be a time-consuming and stressful process for your family, not to mention the added cost.Â
Making a lasting power of attorney can help to avoid this whilst ensuring a smoother transition.Â
5. Financial Security
A property and financial affairs lasting power of attorney enables your chosen attorneys to effectively manage your finances when you no longer can.
This will likely include paying necessary bills, managing investments, and even collecting benefits to name a few.
As such, they will ensure your finances are kept in order, not only reducing financial stress for your family but also protecting your assets.Â
6. It Can Help Prevent Family Disputes
Having a lasting power of attorney in place can help prevent future disagreements and disputes among family members about who should manage your affairs.
Appointing a chosen attorney you trust can ensure your wishes are carried out, helping to reduce the likelihood of conflicts between family members arising.
Even if tensions do arise, you will have included clear instructions that your attorney can refer back to to resolve any conflicts.
Power Of Attorney Vs Last Will And Testament: What’s The Difference?
In short, the difference between a power of attorney and the last Will and testament is timing.
While a Will ensures your wishes are carried out after you pass away, a lasting power of attorney ensures your finances, assets, and family are protected while you’re still alive.
How We Can Help
Putting a lasting power of attorney in place and choosing a trusted attorney will provide you with the peace of mind that your assets and care are in good hands.
If you’re looking to make a lasting power of attorney, Harding Evans’ Wills and Probate solicitors are on hand to assist and advise you through the process.
Whether you meet us at one of our offices in Newport or Cardiff to discuss your needs or arrange a home visit, our experienced solicitors are on hand to help.
Get in touch with a member of our team today.
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