Importance Of Having A Lasting Power Of Attorney In UK
With increased life expectancy, it is possible for you to get to a stage in your life where it might not be possible for you to take care of your own welfare and make your own decisions. That is why it is essential that you have a plan of what to do when such a time comes. This article will discuss the importance of having a lasting power of attorney in UK.
In case you get sick or mentally or physically incapacitated such that you are not able to handle your own affairs, then a court will have to appoint someone to make decisions on your behalf. This can end up being a lengthy and expensive process. In addition, the court might appoint someone who you might not have preferred. That is why it is essential that you appoint someone who you prefer when you still have the capacity to do so.
When you appoint someone that you want, you also have the freedom of giving them boundaries on when they can act on and how far they can go. For example, you can state that the legal representative is only be allowed to step in in case of mentally incapacitation as a result of ageing or brain injuries.
When choosing an individual to act on your behalf, you are likely to choose someone who is capable of acting in your best interests and someone who is willing to take on the role through a UK LPA. This is because the individual has to consent to this role. This prepares the person psychologically, so that in the event that the situation ever arises, they will be able to step up to the role and do what needs to be done.
In case you are a business owner, having this legal document helps to ensure the least possible disruption for your business. This is because the appointed person or persons will quickly step into their designated roles to make the required decisions. This document can be made separately from your personal LPAs.
In case you become mentally incapacitated, it is not automatic that a close family member will be given charge over you. This can make it hard for your immediate family members to take care of you. For instance, it can be hard for them to access your bank accounts or even make arrangements for your medical care. This is until they go to the court of protection and apply to be authorised to act on your behalf.
It can be hard to predict what will happen in the future. That is why it is important to be prepared just in case you suffer from a debilitating illness that affects your ability to function normally. This will make it easier for you and your family to manage your affairs.
In conclusion, you should no longer defer taking care of your future interests. Give your family and business partners the peace they need by protecting yourself. What’s more, you can appoint more than one person, so that one single person does not have the burden of taking care of your affairs on their own.