5 things to consider before creating your Lasting Power of Attorney
- Who will you appoint as your attorney(s)?
- There is no limit on the number of attorneys. However, be mindful that these people must work together in reaching decisions in your best interests.
- You can consider friends, family, or professional advisors.
- How will your attorneys act?
- Jointly: They can only act together. This can sometimes be inconvenient as the Lasting Power of Attorney will be terminated if one attorney can no longer act (unless there is a replacement).
- Jointly and severally: They can act together or independently. This is more flexible as your attorneys can continue to act even when one becomes incapable or is too busy.
- Jointly in respect of some matters and jointly and severally in respect of others: This compromise allows attorneys to act individually for more day-to-day decisions and jointly in respect of more important decisions. You can decide which decisions are to be made jointly.
- Will you appoint replacement attorneys?
- Replacements can act if an original attorney is permanently unable to act for any reason.
- It is possible to nominate more than one replacement.
- Will you notify anybody before registration?
- You can choose people to notify about your Lasting Power of Attorney.
- This adds security as they can raise any concerns before registration.
- Would you like to include any preferences or instructions?
- Preferences provide guidance for your attorney(s) to keep in mind when acting.
- Instructions must be followed by your attorney(s) when acting.
A Lasting Power of Attorney will also need witnesses, a Certificate Provider and to be registered with the Office of the Public Guardian to be valid.
If you would like to discuss Lasting Powers of Attorney further with a member of our team, please contact us today on 01745 536030 to see how we can help.
Written by Tayla Rees, Paralegal