There has never been a more important time to consider entering into these incredibly valuable documents. I hold them in very high regard as I often see what occurs in the absence of these instruments. Everyone who owns assets should have these along with Wills.
Alzheimer’s and dementia
Over the last 2 years, I have seen a noticeable escalation of family members that come to me whose loved ones are suffering from these terrible conditions. Often they ask whether we can organise a Lasting Power of Attorney but, after speaking with the one who this document is concerned with, it is too late as capacity has been lost. As such, we have to consider to the Court of Protection route; a difficult and costly path.
What is available?
There are two documents available:
- Lasting Power of Attorney for Property and Financial Affairs;
- Lasting Power of Attorney for Health and Welfare.
Both these documents are as valuable as each other and really do assist when dealing with someone’s affairs or, indeed, their welfare.
- Your attorneys can be the same for both documents. If you have more than one attorney appointed, then consider how they are to act;
- Whether replacement attorneys are needed;
- You will need a certificate provider;
- Remember, the documents deal with separate issues and are not interlinked for their respective purposes;
- Both documents need to be registered with the court (known as the Office of the Public Guardian);
- They must be drafted VERY carefully. Simply naming attorneys may not be enough. You may have to, at some length, include certain provisions within the documents themselves to ensure that most circumstances are considered;
- They are JUST AS IMPORTANT as a Will. These documents should not be underestimated.
Ensure you seek the appropriate advice when dealing with these documents. A poorly drafted and ill considered document could cause a number of problems.
If you wish to discuss this further, then please do get in touch.