Following on from his article in our January edition highlighting the importance of making a Will, David Smith, a Partner and Head of Private Client at Sweeney Miller Law discusses the importance of making a Lasting Power of Attorney
What is a Lasting Power of Attorney?
In Simple terms it is a legal document that allows you to appoint an Attorney who can then make decisions for you in relation to managing your financial affairs and dealing with your property (including selling your house). You can also make a Lasting Power of Attorney to appoint an Attorney to make decisions about your Health & Care if you cannot make these for yourself.
You mentioned two types of Lasting Power of Attorney what are they?
Yes there is one for financial decisions which is the most popular and if you have money in the bank, savings investments and/or own your own home then you should very seriously consider making one. You can also make a Lasting Power of Attorney for Health & Care decisions, whilst these are not as common as financial ones you should always consider if it would be beneficial to make one of these to ensure that the person you wish to make decisions regarding your Health & Care is legally able to do this for you if you lose mental capacity to make these decisions for yourself in the future.
What are the most important things to be aware of in relation to Lasting Powers of Attorney?
To be able to make a Lasting Power of Attorney you must be mentally capable so it is vitally important to set this up while you are in good health. If someone loses mental capacity due to a long term illness such as dementia or a sudden event such as a stroke and they have not made a Lasting Power of Attorney then the family may face a difficult, expensive and stressful time if access to savings is needed and if the house needs to be sold to pay for long term care then the family will have to make an application to the Court of Protection to be appointed Deputy. This situation is to be avoided as to appoint a Deputy it is a lengthy process (taking six months on average) and expensive (roughly four to five times more costly than making Lasting Power of Attorney for Financial Decisions).
Right I’ve decided I need to speak to someone about making Lasting Power of Attorney what next?
The best person to speak to is an experienced, qualified and regulated Solicitor and David Smith at Sweeney Miller Law in Sunderland has many years of experience as a Solicitor specialising in this area of law. David can be contacted at Sweeney Miller Law, Mowbray Villas, Mowbray Road, Sunderland SR2 7EA and on 0191 568 2050 or by email to david@sweeneymiller.co.uk the office is open 9am to 5pm Monday to Friday and home visits can be arranged.
Sweeney Miller Law is a trading name of Sweeney Miller LLP authorised and regulated by the Solicitors Regulation Authority under SRA number 569467. Sweeney Miller LLP is a limited liability partnership registered in England & Wales No OC 374687. VAT No 790057916 A list of members is available at the registered office.