Power of attorney is a legal document granting authority to another or others, to perform specified acts to handle your financial affairs due to your incapacity. For example, should you have a stroke and are unable to communicate, the nominated people can make decisions about your financial affairs. You may only be unwell for a short period of time and the assistance of someone you trust being able to pay your bills, relieves the added pressure so you can focus on getting better. A Power of Attorney can also be produced for your business affairs, which can prove vital to ensuring your business runs smoothly if you are unable.
A Case Study and Testimonial from one of our clients
Mr. Turner – Power of Attorney
Mr. Turner was getting on in years and though he was still mentally fit, he was getting frail and less interested in everyday decisions. He set up Powers of Attorney to appoint his two children to make decisions for his health and welfare and his property & finance, for if he lost his capacity. These were registered with the Office of the Public Guardian.
Two years later he was indeed incapacitated but fortunately his children didn’t have to go through the Court of Protection, which can take up to two years, cost thousands and have numerous visits in front of a judge. Nor did they have to account to the court for every penny and have his accounts audited each year, which can be costly. Mr. Turner did not have his finances frozen and his loved ones made decisions about his welfare instead of strangers.
“Hi Steve, just a note to say how glad and grateful we are that you managed to advise Dad to do his Powers of Attorney. If he hadn’t, we would have had loads of problems.”