Lasting Powers of Attorney

If you haven't made an Lasting Power and serious illness overtakes you, your family may be forced to apply at some considerable expense to apply to the Court of Protection in London for decisions on your financial affairs to be made by that body.

You can avoid their charges so easily by making an Lasting Power of Attorney when you are fit and well, and then put it away just in case it might be needed.

Sensibly husband and wife should make Lasting Powers with each other appointed. Or the older relative should appoint his adult son or daughter, and vice versa.

charge £126 including VAT for each Lasting Power of Attorney. Can you afford not to have one.

But, by executing an Lasting Power you would be appointing someone you trust to handle your affairs when you may be no longer able to do so yourself. It is a relatively simple decision and a little of your time now could save you and your family a great deal of upset later.

The best time to sign such a Power is now. It is a wise precaution for every adult to take. Once it has been made, immediate protection is available and it should cover all your property and affairs. It does not mean you would be giving any of your property away but rather that you then have someone you can trust to make financial decisions for you when the time requires it.

Anyone over 17 can be your Attorney and you may have more than one. For many people the Attorney will be a close relative. For others, their solicitors are appointed.

The Power of Attorney comes into force when you want it to. Normally, this would happen at some time when you are no longer capable of doing things for yourself. You can always cancel it at any time and it would end in any case on your death, when your Will would come into effect. If you continue to be physically and mentally fit, of course, the Power may never become operative.

The Attorney would be able to pay your bills, draw money for you from the Bank, collect your pension, run your Building Society account, change your investments, even sell a property if to do so were desirable.

You can cancel a Power of Attorney in several ways. Simply by telling your Attorney it is cancelled. Or by contacting a Bank which has been otherwise dealing with your Attorney. Or by tearing up the original document.

The cost of an Lasting Power of Attorney is tiny when prepared with the expense of an application to the Court of Protection (The Public Guardianship Office). Just ask to put your mind at rest for whatever the future brings.