Organising an elderly relatives affairs?

Having a Lasting Power of Attorney is just as important as having a Will.

Making a Will is very thoughtful forward planning to care for those we love when we are no longer here. But what about whilst you are still here?

If you have an accident or became seriously ill and are unable to look after your affairs; who could look after them for you?

Something like a stroke, or being in a coma after a serious accident could affect your ability to make your own decisions. There is a misconception that your spouse or adult child automatically has the right to look after your affairs.

It comes as a huge shock to the family when they discover that they legally cannot! If you lose your mental capacity then your loved ones cannot automatically look after your affairs. Your bank accounts could be frozen, the bills mount and family stress levels rise rapidly.

There are two types of Powers of Attorney (LPAs) and we strongly advocate the preparation of both.

Property and Affairs. This LPA permits the person you choose to look after your financial affairs when you are no longer able, but not your personal affairs.

Personal Welfare. This LPA permits your attorney(s) to act for you in respect of your personal affairs and welfare.

Once these LPA’s are produced they need to be registered with the Office of the Public Guardian before they can be used.

An LPA can be useful even when you are of sound mind. For example, if you were to be in hospital for weeks, or were away on an extended holiday your attorney(s) can look after your financial affairs for you.

If you have a business and you became ill or had a serious accident then you might find that your absence makes it difficult for your business to operate.

Your attorney can handle the finances and make the decisions on your behalf in your business even if you are lying in a hospital bed without mental capacity.

Clients with share portfolios and time sensitive investments can benefit from having a power of attorney too; if you lost mental capacity and the stock market took a turn for the worse your attorneys can instruct your IFA to take appropriate action.

A Lasting Power of Attorney is an essential document that everyone should have.

The alternative is to leave it to faceless government bureaucrats (at great expense to you) to appoint somebody they choose when the time comes.

Do it now whilst you still can. Your family will be glad that you did.