Everybody needs a power of attorney in our opinion. It isn’t something that is unusual or is only needed in difficult circumstances. It is, in our opinion, an insurance policy that ensures that in the event of the unexpected you are protected and the difficult possible circumstances will not happen.
To explain, whilst you are able to manage your affairs physically and mentally there is no problem. Nobody however can identify when an accident might happen which might incapacitate you physically or mentally. Once it happens it is too late then to set about putting things in place so that you can continue to deal with your affairs.
Innocuous accidents can cause quite far-reaching consequences. A very good example currently is that of Michael Schumacher. He is currently in a coma. He clearly cannot carry our any business decisions or manage any of his affairs. If he does not have a power of attorney already in place to assist in this eventuality then it will be very difficult indeed to make any decisions at all or to deal with anything upon his behalf. This can prove to be hugely complex because for example if you have a property or business interests then somebody needs to continue to manage those once the unfortunate happens.
It is in our opinion essential that when you are preparing will you also enter into a power of attorney and in this way make sure that should you have an accident, somebody will be able to deal with matters upon your behalf.
Adequate protections can be put into place to make sure that there is no problem with doing things that you would not allow. For example, you can appoint more than one attorney who can only act together and in your interests. You could also directed that the attorney can only deal with certain things.
It is very much something that we would recommend and they would like to discuss. If you do not have a power of attorney than it really is something that you should consider irrespective of your personal circumstances.
Nobody expects the unexpected; a power of attorney is effectively an insurance policy to make sure that matters do not become hugely complex and costly in the event of your being unable to manage your affairs.
Contact any of our offices for more details and we will be happy to help.
If you would like more information call us on (01484) 714400 or fill in the details below —