As you are probably aware, power of attorney means nominating another person to be in control over one’s affairs, and there are circumstances when this will protect a person and ensure that the right decisions are made in the event they are incapable of making decisions of their own.
Lasting Power of Attorney
A general power of attorney only lasts for 12 months, while a lasting power of attorney gives the nominee lasting control over your affairs, and in a situation when a person suffers a stroke or dementia sets in, the lasting power of attorney will ensure that the right decisions are made. Of course, no one expects to ever be in such a position whereby they are not able to make their own decisions, and a legal power of attorney in Bath could be viewed as an insurance policy, to ensure that the right choices are made.
Protecting your Interests
There are two types of lasting power of attorney (LPA), which are:
- One that deals with property and affairs.
- One that concerns health and welfare.
If you suffer loss of capacity, you might assume that your partner would pay the bills and act on your behalf, yet this is not the case, and sometimes your estate will be frozen, leaving bills unpaid. This is a major reason to take out an LPA, nominating a person you trust implicitly.
We should all do what we can to secure the future for ourselves and our loved ones, and power of attorney is one way you can protect your assets.