Michael Johnson, the great athlete suffered a stroke last year. He was incapacitated. Andrew Marr, the BBC journalist had a stroke and stopped work. Sharon Stone, the actress, had a stroke in 2001 when she was at the peak of her movie career.
Life is very unpredictable. As solicitors, we try to be proactive as well as reactive because we view our role as taking care of you, our client. So sometimes that means suggesting things that you may not have thought about, or have put to the back of your mind.
One of our key legal services we like to remind clients about is a Lasting Power of Attorney.
We think this is a legal ‘must have’.
So here as a gentle reminder, are our SEVEN quick reasons for getting a Lasting Power of Attorney.
1. Firstly, let us say that it is possible to manage someone’s affairs without a Power of Attorney. It is just much more complicated, costly and stressful.
2. You are in control of your life and money when you make a Lasting Power of Attorney. You can specify how you want to be treated and how to handle your money. You are not leaving it to chance.
3. You can nominate more than one attorney, which means you can have additional protection about how your life and assets are managed should you become incapacitated. It’s like a double insurance policy.
4. A Lasting Power of Attorney is registered and the Court of Protection will act if anyone is suspected of abusing their position.
5. Access to bank accounts, investments etc can be restricted. You are in control.
6. As there are Health and Welfare and Financial Powers of Attorney, you can have different people managing different areas of your life.
7. If you run a business or are a director, you can have a special business Power of Attorney so that someone can make decisions purely for the business.
In reality there are many more reasons to get a Lasting Power of Attorney.
Organising your life is often something you have at the back of your mind but often don’t get round to. Please use this article as a way of opening the discussion with your loved ones and partners.
And if you have any questions or want advice, call Jane Whitfield and Charlotte Fox on 0118 958 9711 to organise a Power of Attorney meeting at our Reading offices.
For more on this subject please see our further articles
Registering Powers of Attorney
Powers of Attorney