Power of Attorney
A power of attorney is a legal document which allows someone to make decisions on your behalf should you be unable to. This could be because you have become incapacitated or simply want someone else to be responsible for making the right decisions on your behalf.
A power of attorney can make a range of decisions from looking after your financial interests to making sure you get the right healthcare.
It is a safe, and legally binding way to have important decisions made for you by someone you trust, should the need arise.
There are different types of power of attorney. It doesn’t always have to be a permanent arrangement. Let’s say for example that you are going into hospital and need someone to be able to pay your bills, access online accounts etc. while you are out of action. Giving them a temporary POA means that it’s one less thing for you to worry about and the arrangement can be ended when you return home.
A more permanent solution may be required should you be diagnosed with dementia, Alzheimer’s or some other long term illness that is likely to impair your ability to make decisions or act for yourself. Some people also feel that at a certain stage in life, they no longer want the responsibility of making such significant decisions for themselves, being far easier to have someone do the thinking for them.
Different Types of Power Attorney
In principal, there are two different types of power of attorney – a temporary arrangement pertaining to one’s financial arrangements and a more long-term agreement.
Ordinary Power of Attorney
Most suited for a short term solution such as short stay in hospital to look after your financial affairs. While you may be recovering from surgery, you want to make sure someone has access to your bank accounts and other financial interests.
Lasting Power of Attorney
In contrast to an OPA, the lasting power of attorney takes care of financial affairs, health and care and comes into being when you no longer have mental capacity to look after yourself or you no longer wish to make decisions for yourself. It is a decision that is designed to be more long-lasting and permanent.
Enduring Power of Attorney
This was replaced by an LPA in 2007 however, for those EPA’s still in place they are still valid.
Setting up a Lasting Power of Attorney
Whether you want to set up an LPA for financial reasons, a healthcare LPA or an agreement that covers both, you need to see an expert, someone that is qualified to set this up properly.
It is a long-term and legally binding agreement and should be treated with the level of importance that it demands.
An LPA requires specific documentation to be created and witnessed to ensure that the interests of everyone involved are protected. Once set up, it needs to be registered with the Office of the Public Guardian before it can become legally binding.
When choosing a professional to arrange your LPA, make sure that they are qualified and have experience in this field. Once an LPA has been set up, it is very difficult to change so you need to ensure that you choose someone you can trust to act in your best interests and to use the right company to execute this on your behalf.
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