POWERS OF ATTORNEY – WHY YOU SHOULD ACT NOW
During the last year, many of us have sadly needed to shield and this has prevented people from dealing with their affairs in the usual manner.
This has created a big issue for those who were no longer able to handle their own finances as they could not get to banks or cash machines.
However, we could provide a solution through the preparation of Lasting Powers of Attorney. These documents are prepared to allow others to deal with your affairs if you no longer had mental capacity. However, the financial Lasting Power of Attorney can also be used for convenience whilst you have capacity. By appointing relatives or close friends as your Attorneys, they could go to the bank for you, access your funds and pay your bills. All things which are extremely difficult if you cannot leave the house.
Unfortunately, Lasting Powers of Attorney take approximately 3 months to register before they can be used so these cannot provide an immediate benefit. However, General Powers of Attorney can also provide a short term solution as these are documents which allow you to appoint an Attorney to act as long as you have capacity and contrastingly, these do not need to be registered before they are used.
By arranging these documents now, we can help you to protect for the future and even if you have not needed to shield, these are still important as any of us could face a time when we are in a similar position.
For more information in relation to Powers of Attorney, please feel free to contact our Wills, Probate, Inheritance and Trusts Team, based in our Rayleigh (BTMK Todmans) and our Leigh-on-Sea (BTMK Goodson) offices.