Accident or illness can mean you’re unable to manage your affairs;

At any time of life, you could become incapacitated, due to illness or injury and it can be invaluable having a reliable person to act on your behalf.

Creating a Power of Attorney in advance, ensures that if the worst were to happen, both your financial affairs and your personal welfare are in safe hands.

You can appoint a friend, relative or a professional as your Attorney, someone that you can trust to act in your best interests, who is able to manage your affairs as well as their own.

If you don’t have an Attorney in place, your family will have to go to the Court of Protection to ask for the right to act on your behalf, which could mean delays of between 3-6 months, bank accounts being frozen and a lot of anxiety for all involved.

If you are a Company Director, in addition to a personal Power of Attorney, you should also consider a Business Power of Attorney to avoid disruption in the day to day running of the company..

Different types of Power of Attorney

Lasting Power of Attorney (LPA)
for Property and Affairs

This authorises the Attorney to make decisions about all property and financial affairs including paying bills, managing investments, buying and selling property and payment for healthcare.  You can place legally binding restrictions and conditions upon the power and scope of authority your Attorney can have.

Lasting Power of Attorney (LPA)
for Health & Welfare

This covers decisions about your personal welfare including where you live, how you are cared for and what healthcare is received.  It can also extend to lifesaving treatment if express consent is given so any Attorney should know your wishes fully.

General Power of Attorney
(England & Wales only)

This allows the Attorney to make decisions and act in ay matters relating to property and affairs but unlike an LPA, there is no scope for restricting the Attorneys powers and the donor remains liable for the actions of the Attorney.

Business Power of Attorney

Anyone who runs a business whether sole trader, partner or company director, should consider having in place a Business Lasting Power of Attorney.  Imagine if you lost the ability to make decisions due to an accident or illness, how this might affect the running of the business.  A business LPA avoids your representatives having to apply to the Court of Protection for a deputyship order which can take 3-6 months.