Lasting Powers of Attorney are often something considered only for those in later life or when serious illness has been diagnosed. However most of us will know someone who lost a loved one too soon or had an unexpected diagnosis or accident. LPAs can be so useful at any age, and once registered are able to be used at a moments notice.
An LPA for Property and Financial Affairs is particularly helpful for those who like to travel a lot, for work or pleasure, and those people running businesses. They have the flexibility of being able to be drafted to allow your nominated Attorneys to be able to act on your behalf from the date of registration.
If you find yourself abroad and need access to funds, but didn't take the right card or account details, you could ask your Attorneys to help.
If you found yourself in hospital after an accident, or more likely in the midst of a pandemic, self isolating or worse requiring hospital treatment, your attorneys would be on hand to pay bills, step in to run your business or deal with day to day finances whilst you are unable to do so.
A Financial LPA isn't all about the lacking in mental capacity to do it yourself and shouldn't be considered something only required later in life.
An LPA for Health and Welfare is only able to be used in the event of loss of mental capacity, but its usefulness is again not limited to older clients. Unexpected incidents, accidents and diagnoses, can affect anyone, at anytime.
I know that my family are far more likely to know what my treatment views might be, rather than a doctor I have never met. One option in a Health LPA is to give your attorneys the right to convey your views, speak as though they are you and consent or refuse to treatments on the basis of knowing what you would do, if you had been able to.
Rollits Private Capital Team are on hand to advice you of all the benefits of having LPAs in place and assist in drafting them specifically to fit your situation, at what ever age.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.