At the moment you may be fully in control of your own finances and property. However, due to illness or incapacity, many people every year became unable to manage their own finances or to take decisions about their welfare.
In such cases, it is possible to appoint someone you know and trust to take control of, or assist you with, your financial or personal welfare decisions.
Lasting Powers of Attorney replaced Enduring Powers of Attorney in October 2007. There are two types of Lasting Powers of Attorney:
- one for financial affairs
- one for health and welfare decisions.
A Financial Affairs Lasting Power of Attorney gives your Attorney authority to deal with your finances, pay your bills, your investments and even assist in selling your house if required. Such documents are extremely valuable if you ever lose the ability to deal with your own affairs, whether temporarily or permanently.
A Lasting Power of Attorney for Health and Welfare gives your Attorney the authority to make decisions with regard to issues such as life sustaining treatment or a move to a residential care home.
Both types of Lasting Powers of Attorney are serious legal undertakings and it is recommended that you take legal advice before entering into one, to ensure that you understand the significance.