A Lasting Power of Attorney is a very important document and generally speaking, having a Power of Attorney in place to deal with your Financial and Property Affairs is a wise move.
There are, however, a number of issues to consider when preparing such a document, for example, how your Attorney’s should act, what specific instructions you may wish to leave for your Attorneys, should you appoint replacement Attorneys etc.
Arguably one of the key considerations is who to appoint as your Attorney and yet this is often the area that is most overlooked as people frequently simply appoint their nearest and dearest as Attorneys, by virtue of the love and affection they have for one another, and so the assumption that they will always have their best interests at heart, without really considering if they are up to the task.
Whilst in the majority of cases a loved one is the most appropriate choice, when things go wrong, they can have a devastating effect on you and your family. As seen in a recent case that provides a salutary lesson about the importance of choosing the right Attorney. Here, a gambling addiction resulted in a mother being deprived of all her assets and a daughter serving a prison sentence.
Lasting Powers of Attorney, when properly executed and administered, work in the best interests of the donor. When they are not, the consequences can be very serious. It is for this reason that good, professional advice should be sought before preparing any kind of Power of Attorney, to ensure that you are in possession of the information needed to make sound appointments.
Enter your email address to receive news and information by email.