A Power of Attorney allows the granter to decide who can act on their behalf in the event of any future incapacity. It is possible to appoint someone to deal with both your financial affairs and health and welfare matters.
Relinquishing control over personal, financial or welfare affairs is not an easy matter to consider. At Turcan Connell, we understand the difficulties and sensitivities involved. Giving consideration to the individual or individuals you would trust most to look after your affairs, if you were no longer able to do so, is an important aspect of estate planning for every family and puts you in control of the process. It can also save a great deal of time and expense for your family in the future.
If you lose mental capacity (perhaps through illness, accident or age), it is no longer possible to put a Power of Attorney in place. It would then be necessary to apply to the Court for powers corresponding to those given by a Power of Attorney. A Court appointed Guardian is subject to stringent ongoing compliance, such as the submission of Annual Accounts. It is also a more costly and time consuming process.
We, therefore, recommend that all clients and particularly those with complex family or business affairs, put in place a Power of Attorney which has the right balance of sufficient powers and appropriate controls.
Get in touch with us and start the conversation today.