Why have a Lasting Power of Attorney?
Power of Attorney ensures that someone you trust can take over your day to day finances and decision making if you should be left mentally unable to make decisions because of accident or illness.
Whether or not you have made a Will, if you become unable to make rational decisions and do not have Power of Attorney in place, then your case will be passed to the Court of Protection and it could take some time for arrangements to be made.
The Court of Protection was formed in 2007 as part of the Mental Capacity Act 2005 and was put in place to safeguard the assets of vulnerable individuals. However, since that time, there have been a high number of complaints about how cases are being handled.
To avoid the necessary action of dealing with the Court of Protection, ensure that you grant Lasting Power of Attorney to a trustworthy person, who can take over your affairs for you, should you become unable to carry them out yourself. Provided this individual is over 18 and has not been declared bankrupt, you can choose anyone yo like.
It is worth noting that the Lasting Power of Attorney must be registered before it is legally recognised. This means that the sooner you have it in place, the better. Even if you are in sound mental health, you can have peace of mind from knowing that the document is in place should you ever need it.