Should I make a Lasting Power of Attorney?
Every day we make decisions about our lives. The ability to make these decisions is called mental capacity. Often this mental capacity is something we take for granted. Assuming it will always be there, of if it does diminish that the process will be slow and gradual. This is the reason many of us put off making a Lasting Power of Attorney.
But, the sad fact is, loss of mental capacity is often a result of an accident, or rapid onset illness, and can happen at any age. That’s why we advise the families we help, and why Martin Lewis (moneysavingexpert.com) agrees, the key is to act early.
In a recent article he said, “You may be thinking this doesn’t affect you, you’re perfectly well. This is a common misunderstanding. The key thing to remember is…You can only set up a Lasting Power of Attorney when you have mental capacity. Once you’ve lost capacity, it’s too late”.
Charity Age UK also advocates early action, recently saying:
“There’s no specific age when you should consider making a Power of Attorney. Young people can lose capacity through accidents. But if someone is diagnosed with a condition likely to cause loss of capacity, they may be well advised to think about who they want to make decisions for them when they can no longer do so”.
What to consider when making a Lasting Power of Attorney?
The first decision is whether to use a solicitor or go DIY. This depends on whether you’re comfortable managing the legal process, do or do not have challenging family dynamics, or have complex assets to consider, such as businesses or overseas property.
You’ll then need to decide on the appropriate type of Lasting Power of Attorney, be it;
- Health & Welfare (management of personal matters such as medical care)
- Property & Financial Affairs (management of financial affairs
Be working with a specialist wills and Lasting Power of Attorney solicitor you remove the uncertainty of a DIY approach and can be sure that the legal advice you act on is accurate and tailored to your individual circumstances.
LASTING POWER OF ATTORNEY
Interested to find out more? Look at our recommended reads –
Why you should make a Lasting Power of Attorney. Money saving advice from moneysavingexpert.com
What is a Lasting Power of Attorney? Discover more in our services page >>
About TM Law – Specialist Will and Lasting Power of Attorney Solicitor
Based in Hockley, Essex, TM Law is a small and dedicated solicitors. With many years’ experience, helping business owners and local individuals with matters of Wills and Lasting Power of Attorney, compromise agreements, employment disputes, debt collection, commercial disputes and much more.
As a specialist Wills and Lasting Power of Attorney solicitor, TM Law’s knowledge of the Rules of Intestacy, Protective Trusts, Estate Administration and Lasting Powers of Attorney are second to none.
For a personal service and practical, tailored advice contact us today. Our fair, fixed fee service provides a single Will for £125+vat and a double Will for £200+vat, and we’re always happy to help.