Andrew Jack of AMD Solicitors discusses the importance of Lasting Powers of Attorney and who is suitable to make important decisions on your behalf.
Lasting Powers of Attorney are not just for the elderly but are in fact a measure that should be considered by everyone, as unfortunately we are unable to predict and prevent all accidents and health issues. A Lasting Power of Attorney cannot be created by those who are deemed not to have full mental capacity. Individuals should treat the process as they would a will and consider completing the necessary legal documents that appoint an attorney prior to any decline in health or the possibility of accidents that will prevent a person from making financial and health decisions.
Although a Lasting Power of Attorney becomes immediately effective once the application is processed and registered, this does not have to be the case, and a Lasting Power of Attorney can instead have a restriction to become applicable should an incident occur where you become unable to manage your affairs.
An attorney does not have to be a family member and those considering creating a Lasting Power of Attorney should chose their attorney carefully and seek professional advice on who would be most suited depending on personal circumstances.
Despite a close family member feeling like the natural and right person to become your attorney, those who own a business or have assets that are difficult to manage may benefit from opting for business partners, or those that have the ability to manage legal and financial affairs with ease. The primary factor when choosing an attorney is that they are trusted and someone who you will feel comfortable allowing to make important and essential decisions on your behalf should you become unable to do so.
Of course, it is important to mention that individuals can have multiple attorneys registered to help with the many aspects of a person’s life; meaning that a family member or a nominated next-of-kin can be chosen to be an attorney in regards to health and welfare, and a professional partner or associate to manage business matters. Those considering the option of creating a Lasting Power of Attorney should also be aware that replacement attorneys are a possibility should anything happen to your designated attorney, or they become unsuitable.
Andrew is a member of the Probate, Wills and Trust Team at AMD Solicitors where they offer help and advice with Lasting Power of Attorney applications. Contact Andrew, or a member of the team, to arrange a free initial consultation by email probate@amdsolicitors.com or by telephone on 0117 9621205. AMD are a team of solicitors in Bristol who have offices in Clifton, Henleaze and Shirehampton.
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