We all know after this year how the unexpected can happen!
By Kirsten Marshall - Director at Admin Angels
Powers of Attorney, what are they and what do they mean? In essence, they protect you. You pray that you will never need them, but if the unexpected should happen, then it is good to be protected.
Ultimately, powers of attorney have been likened to house insurance; it pains me to have to pay for it and I pray that I will never need it but if the unexpected should happen, then it is good to be able to open the draw, take out the document and be able to rely on it. The upside to powers of attorney is that once done, there is no ongoing cost, they will remain valid until they are either cancelled by you or naturally come to an end on your death.
Why is it important to have them?
- A property and financial affairs LPA can be used at any time. It can protect you in the event that you are unable to make decisions for yourself due to a lack of capacity but can also be used if you are temporarily unavailable such as out of the country or suffering from an accident.
- A Health and Welfare LPA can only be used when you lack capacity. This saves your family a whole lot of heartache, headaches and time ensuring you get what you need when you need it, and in your best interests.
- Should I consider my business in an LPA? Yes, absolutely you should and can. A business LPA can ensure that the best and most knowledgeable person is able to carry on your business dealings in the event that you are temporarily out of action so as to ensure that your business is still a success when you are ready to return to work.
Hopefully, this has given you food for thought. I am more than happy to chat in more detail if I can help guide you.