A power of attorney is an important legal document. Having a power of attorney means that, in the event that a person loses capacity and is unable to make decisions for themselves, a person has been legally nominated to act in their best interests and make decisions for them. This may come about if a person loses capacity owing to a condition such as dementia or Alzheimer’s.
Without a power of attorney, friends or relatives – no matter how well-meaning they may be – would be unable to make any decisions on behalf of the patient. It would be left up to the patient’s doctors to make decisions in their best interest instead.
A power of attorney document can only be arranged and signed while the person does still have capacity. For this reason, it’s well worth getting one arranged even when there is no hint of a problem, according to Money Saving Expert. Fortunately, it is easy and convenient to arrange a power of attorney online thanks to specialists such as https://powerofattorneyonline.co.uk.
Let’s have a look at the two different types of power of attorney.
Health and Welfare
A lasting power of attorney for health and welfare means that the person you have appointed can make decisions concerning your health, should you lose capacity. It’s important to note it is only applicable if a person has lost capacity, and not before. This may include making decisions on treatment if you are ill, or whether you need residential care, for example.
Property and Financial Affairs
A lasting power of attorney for property and financial affairs gives your nominated representative the power to make decisions relating to money on your behalf if you lose capacity – or before that, if you have given your explicit permission. This includes management of bank accounts, paying bills, or even making decisions on whether you sell your home. It is a large responsibility, so it’s essential to nominate someone who is both highly trustworthy, and knows a considerable amount about finances.
