Setting up a Power of Attorney is often overlooked, but failing to do so can leave loved ones powerless if you’re ever unable to make decisions for yourself.
Why a Power of Attorney Matters
A Power of Attorney, POA, enables a trusted individual to make decisions on your behalf, if you lose the ability to do so. This could involve managing your finances, paying bills, or making choices about your healthcare and daily welfare. Without this in place, no one – not even a spouse or close relative – has automatic authority to act for you. There is the option to visit Power of Attorney Online or a similar site, if you need to start the process.
What Happens if You Don’t Have One in Place?
If you become mentally incapacitated without having made a POA, your family or friends must apply to the Court of Protection to become your deputy. This can be a lengthy and expensive process, and in the meantime, no one will be able to access your finances or make critical decisions on your behalf.
The Role and Limits of a Court-Appointed Deputy
A deputy appointed by the Court of Protection will be given restricted powers, often requiring ongoing supervision and annual fees. Unlike an attorney chosen by you in advance, the deputy may not be someone you know or trust, and their decisions could be limited by court orders.
Practical and Emotional Impact on Loved Ones
If you don’t complete a Power of Attorney online or in person, your loved ones may face major delays and emotional strain while trying to gain legal authority to help you. From being unable to sell jointly-owned property to struggling with healthcare decisions, the lack of access can cause serious disruption, financial stress, and family conflict at an already difficult time. Money.co.uk has useful tips on how to manage financial stress.
Creating a Power of Attorney while you still have capacity gives you control over who steps in if needed, helps prevent court involvement, and makes life easier for those close to you.