Power of attorney is a way to transfer authority to another person, and this can be used in many situations. You might, for example, wish to have someone receive important documents like a passport, and by signing a paper that authorises that person to act on your behalf, they can carry out a specific task. Lasting power of attorney is the perfect solution for many elderly or informed people, and it is a totally separate thing from a Will, and allows a nominated person to make decisions on their behalf.
The Aging Process
This is something that no person can escape, and for some people, the mind is perfectly clear and they are able to make decisions about their finances, yet for others, mental capabilities diminish through either illness or old age, and in such a situation, it is important that a trusted person has power of attorney, and lasting power of attorney (LPA) allows them to act in an ongoing manner. If, for example, a person has a family history of dementia, it would be wise for them to set up an LPA in advance, which ensures that the right decisions are always made on that person’s behalf.
For any person to sign away their rights to make financial decisions, they must trust the nominated person 100%, as this person will be making decisions about health care and other important issues, and you need to be absolutely certain that the person in question has your best interest at heart. It might be your partner, a close family member, or even a best friend, and if you trust this person, and they are agreeable to take on this responsibility, the LPA can be set up, which then gives the nominated person the long term control over any decisions that would normally be handled by yourself.
This comes in many forms, with dementia being a common thing among the elderly, and in such cases, it is advisable to give a trusted person LPA, which will ensure that the person in question will have their best interests attended to by a trusted person of their choosing.
If you feel that Lasting Power of Attorney is right for you, there are online experts who can handle the complex paperwork that is required to enable a trusted person to act on your behalf, and as time passes, you can rest assured that your best interests will always be taken into account whenever decisions about your future are made. If you are unsure about this, talk to someone you trust about the possibility of acting on your behalf, and should they agree, you can carry out an online search, which will put you in touch with an experienced law firm that specialises in LPA.
This provision will ensure that you always make the right decisions, and with a Last Will & Testament and an LPA, you and your family can look forward to a secure future.