Many of you would have seen Martin Lewis (founder of moneysavingexpert.com) discuss the importance of a Power of Attorney, how to get one and more in the latest episode of ITV’s ‘The Martin Lewis Money Show Live’.
From The Martin Lewis Money Show Live on Tuesday 14th March 2023, courtesy of ITV. All rights reserved.
At RJM Solicitors we look at the main benefits of making a Power of Attorney:
1. You can appoint someone you trust.
The main benefit of having a Power of Attorney is that it can provide peace of mind. Knowing that you have appointed someone you trust to make important decisions for you can be reassuring, especially if you are unable to make decisions for yourself due to illness or injury. It can also be a comfort to your loved ones, who will know that your affairs are being handled by someone you trust.
You can choose anyone as long as they're over the age of 18, not bankrupt and they understand the responsibility that they're taking on.
Without a Power of Attorney in place, it's left up to the courts to determine who you should make financial and medical decisions on your behalf.
2. Access to your money when you need it.
Another benefit of having a Power of Attorney is that it can make it easier for your affairs to be managed in the event that you are unable to do so yourself. Without a Power of Attorney, it can be difficult for someone else to manage your affairs or access bank accounts, as they may not have the legal authority to do so. Therefore, a Lasting Power of Attorney protects your loved ones from entering a legal limbo where they can't make these crucial decisions about money.
In the long term, they would also need the authority to make big financial decisions such as selling your home.
3. Ensures you get the treatment you want.
A Power of Attorney can play a crucial role in ensuring that you receive the medical treatment you desire in case of sudden hospitalisation. When you are unable to make decisions about your care, your attorney can step in and make choices that align with your wishes. This not only gives you peace of mind but also makes it easier for your loved ones to make urgent decisions about your medical treatment. With a Power of Attorney, you can ensure that your healthcare needs are met while reducing stress and confusion for your family during a difficult time.
4. Living Abroad
A Lasting Power of Attorney can also be helpful in situations where you may be out of the country for an extended period of time. If you are travelling or living abroad for an extended period of time, you may need someone to manage your affairs in the UK on your behalf. By appointing someone to act as your attorney, you can ensure that your affairs are being taken care of while you are away.
5. Protects you from fraud
A Lasting Power of Attorney is an essential legal tool to protect yourself from potential financial fraud. Without one, you may become a target for fraudsters when you are no longer able to make financial decisions for yourself.
By appointing a trusted person as your attorney, you can rest assured that they will act in your best interests and prevent unwise decisions that may harm you financially. Don't let yourself be vulnerable to scams and fraudulent activities, secure your future with a Lasting Power of Attorney.
6. You can leave instructions
A Power of Attorney provides an opportunity for you to leave specific instructions that align with your personal preferences even if you lose capacity. Whether you have a particular care home in mind or a commitment to ethical investing, your attorney can make decisions that reflect your wishes. With a Power of Attorney, you can also make contributions to your children's education or other significant expenses. By detailing your preferences and instructions in your legal documents, you can ensure that your attorney understands your priorities and acts in your best interests.
What happens if you don’t have a Lasting Power of Attorney
If you lose mental capacity without a Power of Attorney, your loved ones will have to apply for a deputyship at the Court of Protection.
This is a much longer and more costly process. So, by getting Lasting Power of Attorney sorted, you can avoid leaving your loved ones in limbo without access to your finances to assist with your needs.
Anyone can apply to become a Deputy (including the local authority) and the Court of Protection will decide whether or not their application is successful. If successful, the Court of Protection will supervise the Deputyship and will make a charge in this respect. The Court of Protection will also make your Deputy obtain an insurance bond. In addition, your Deputy will require further orders to carry out actions such as selling you house and each additional order obtained will include additional costs (all such costs will ultimately be paid from your assets).
Protect Your Future with a Power of Attorney from RJM Solicitors
In conclusion, a Power of Attorney can provide many benefits. From providing peace of mind to making it easier to manage your affairs, a Power of Attorney can be an essential tool for anyone who wants to ensure that their affairs are being taken care of. If you are considering appointing someone to act as your attorney, it is important to seek legal advice to ensure that you are making the right decision for your individual circumstances.
If you want to ensure that your future is secure and your wishes are respected, contact RJM Solicitors today to arrange your Power of Attorney. Our experienced team can guide you through the process and ensure that your legal documents align with your preferences and instructions. Don't leave important decisions to chance, let us help you protect your interests and provide peace of mind. Get in touch with RJM Solicitors now to take the first step towards a secure future.
Looking for affordable and expert legal assistance?
Contact us at info@rjmsolicitors.co.uk today for a quick and easy consultation!
Disclaimer: The information on the RJM Solicitors website www.rjmsolicitors.co.uk is for general information only and reflects the position at the date of publication. It does not constitute legal advice and should not be treated as such. If you would like to ensure the commentary reflects current legislation, case law or best practice, please contact info@rjmsolicitors.co.uk.