Pension Practitioner
The SSAS Experts
01
JUN
2016

Why You Need a Lasting Power of Attorney: Plan for the Unexpected

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There may come a time in your life where a Power of Attorney is needed for various reasons. Even when we are young, we may find ourselves in a position where we need a reliable and trustworthy personal to handle our affairs due to an illness or injury. The need for a Power of Attorney increases even more so as we get older as we become more prone to illness and injuries and surprisingly, research by funeral plan specialist Golden Charter suggests that fewer than one in five people over the age of 45 have Power of Attorney.

power of attorn

Health issues, injury, or illness could affect the ability for individuals to make their own decisions when it comes to their personal and financial affairs, if no Power of Attorney is in place, the next of kin may be left to take control and make the decisions on behalf of you.

Unless a Power of Attorney has been drawn up in advance of an individual suffering from health issues, the application to appoint someone through the courts could be painful for the family members involved and costly. It’s difficult enough for loved ones to deal with, without the added worry that finances are becoming muddled.

To avoid the involvement of courts and solicitors after a person may become unwell, a lasting Power of Attorney should be registered with the court in advance, when the person is mentally competent, can make their own decisions, and decide on who they want to act on their behalf.

If the worse were to happen, by creating a Power of Attorney in advance you are rest assured that both your financial affairs and personal welfare is in safe hands. It’s important to have someone that you trust and understand you and this is a more favourable option than a court official being involved.

It can be invaluable to appoint a reliable person to manage your affairs when you are no longer able to, however appointing a Power of Attorney can be complicated. To make sure you and your family effectively set up a Power of Attorney, it’s vital to get professional guidance you can rely on.

For more information regarding Power of Attorneys and how to appointment someone, contact our experts at Protection Practitioner for trusted guidance and assistance with financial affairs.

You can also watch this short video which demonstrates the importance of appointing a Lasting Power of Attorney.  http://www.bbc.co.uk/programmes/p005zkb7

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