Power of Attorney: Build a Safety Net for Your Future
Life is unpredictable. One minute you might be calling all the shots, and then an illness or accident puts you in a position where you could no longer have control over your life. And, this is where a Power of Attorney (POA) can act as your lifeline — the piece of paper that could keep everything in order and help others understand what it is you want.
What Is the Power of Attorney?
A Power of Attorney is a legal document in which you name someone who can help or make decisions for you – this person is called your ‘attorney’. Your attorney does not have to be a lawyer and can also simply be someone you trust like a family member, trusted friend or professional. For a Solicitor Gloucester, contact www.deeandgriffin.co.uk/
The two most common types are: Lasting Power of Attorney for Property and Financial Affairs, which concerns your money, home or other property and financial affairs. Health and Welfare LPA – This is for making decisions about e.g. your medical care, where you live or day-to day routine.
Why You Need One
If you do not have a POA, your loved ones will be forced to go through an expensive and time-consuming court process in order to obtain the legal right to assist you. It’s frozen bank accounts, put off medical decisions and piling bills for as long as the bureaucracy takes to file. If you live abroad, your family could fight for months to get access to the money needed in order that they can at least pay either your mortgage or care fees.
Common Misconceptions
Some couples think these rights are automatic – they aren’t. Some believe POAs are only needed for the aged, but an accident/a sudden illness breaks all age barriers. If you want to prepare for any eventuality, you can stipulate what powers your attorney has and when they can use them.
Taking Action
It is simple and you can set one up for free but it has to be while your loved ones have the capacity. It includes both finding an attorney, making those powers clear, signing the forms and registering with the Office of Public Guardian.
Don’t wait for a crisis. Prepare a Power of Attorney while you can. One of most critical contracts you’ll ever enter into – but not for today, rather for the time when signing anything at all could be totally out of your grasp. This one little act could mean your future self thanking you for keeping the important things safe.
