Granting a lasting power of attorney (LPA) is an invaluable means by which you can ensure that your affairs will be managed by someone you trust in the event that you lose the ability to look after yourself.
Powers Of Attorney
When someone is unable to manage their financial affairs an Enduring Power of Attorney is a useful tool to enable someone else to take over this responsibility.
Attorneys have a duty to act in the best interests of the Donor (person who gave them the Power to act as Attorney). This includes only making gifts which the Donor would ordinarily have made for seasonal purposes and only then with regard to the Donor’s funds at the time.
In a minimally conscious state, a 72-year-old woman was unable to tell anyone what she wanted in terms of medical treatment or intervention, this left the court to decide on her behalf, taking into account what she might have wanted.
A Power of Attorney is a useful method protection if you become unable to deal with financial matters yourself. However, nominating a loved one to take on this responsibility may not always be the best option, it may be wiser to use a good lawyer instead as the following case demonstrates.
A case in which a son abused his power of attorney to squander £230,000 of his frail mother’s money underlined the wisdom of employing an experienced lawyer – rather than a loved one – to manage your finances if you lose the ability to do so yourself.
Should decisions to withdraw life-sustaining treatment be made by a patient’s loved ones, in consultation with doctors, or by judges?
The wisdom of entrusting your financial affairs to loved ones in the event of illness was thrown seriously into doubt by one High Court case in which a 95-year-old dementia sufferer was let down by a dishonest and stingy relative.
It may seem tempting to choose a loved one to manage your affairs if you lose the ability to make decisions for yourself.
A report by a group led by SFE warns that anyone creating an LPA without taking specialist legal advice faces a higher risk of an ineffective document.