Lasting Powers of Attorney are not just for the elderly
Following Michael Schumacher’s recent accident, Karen Quilter offers a reminder of the benefits of putting an LPA in place, whatever your age
The 2013/14 Ski-ing Season began with the terrible news of Michael Schumacher suffering multiple head injuries after a ski-ing accident in the French Alps.
As a lawyer and a skier this news leaves me to wonder who is taking care of Mr Schumacher’s financial affairs and personal welfare matters whilst he is in a coma?
Most people think that Lasting Powers of Attorney are merely for the elderly (e.g. those who are becoming mentally incapable of managing their own affairs due to suffering from dementia). Such situations are equally important for Lasting Powers of Attorney to have been put in place but this ski-ing incident highlights the necessity for young people to also have Lasting Powers of Attorney in place. A Lasting Power of Attorney gives another individual (or individuals) the legal authority to look after your affairs both financially and/or for your health and welfare.
If you have a Lasting Power of Attorney in place and you become mentally incapacitated or you are physically incapacitated, through accident or illness, then your relatives, will not face long delays and expenses in applying to the Public Guardian Office for access to and taking control of your affairs. This is because someone appointed as an Attorney, e.g. a wife/husband or son/daughter can make decisions in respect of the person’s bills, running bank accounts, investing money, selling property and making decisions about medical treatment being received.
Lasting Powers of Attorney are recognised by all financial institutions, care homes and local authorities and can be set up easily with the help of a lawyer.
If you are interested in putting a Lasting Power of Attorney for your Financial Affairs or your Personal Welfare (or both) into place then please contact our expert Karen Quilter at 01494 773377 or by email at email@example.com to make an appointment or to discuss further.