Setting up a Lasting Power of Attorney means that you can choose who you want to make decisions for you when you can’t make them for yourself. It can be a tough decision as you can nominate anyone. So how do you decide? Here are a few things to think about to help you choose the right attorney for you.
THINGS TO THINK ABOUT WHEN APPOINTING A FINANCE ATTORNEY
It’s important to consider whether the person you choose is financially savvy themselves. Do they manage their own finances well? If they’re good at looking after their own money, they should be able to do the same for you. When you make your choice ask yourself whether you trust this person to act in your best interests. That could sometimes mean setting their own beliefs aside and doing what they think is right for you.
Being a finance attorney is a big responsibility, so you need to appoint someone who’s willing to take it on. Talk to them first and make sure they’re happy. You can have more than one attorney, so they can share the load. It is important to have two attorneys if you own a property jointly with your first choice of finance attorney.
THINGS TO THINK ABOUT WHEN APPOINTING A HEALTH AND WELFARE ATTORNEY
Your health and welfare attorney makes decisions about how you’re looked after when you’re at your most vulnerable, so it needs to be someone you trust. Your health and welfare attorney will need to advocate for you with anyone who looks after you, whether that’s a medical professional or care workers. They’ll need to ask the right questions and challenge people to make sure your wishes are being respected. It’s also important that they make decisions based on what you want, even if they’d choose something different for themselves.
If you have someone in mind, ask yourself whether they’re calm in a crisis. They may have to make decisions quickly in stressful and distressing situations. It’s a big responsibility.
WHAT IF YOU HAVE TWO DIFFERENT ATTORNEYS?
The two different types of attorney need different skills, so you might end up with two (or more) different people. Think about whether the people you’ve chosen can work as a team. If you have two finance attorneys or two health and welfare, this is especially important. Some decisions can be made by one attorney and others need everyone to agree. You may also need input from different types of attorney, for example if you need to pay for private care.
You might think that having more than one attorney will make things difficult, but it is useful and sometimes essential. It means there’s always a back up and two heads can be better than one when it comes to making tricky decisions.
MAKING CHANGES
Once you’ve created a Lasting Power of Attorney it’s important to review it once in a while. The attorneys you originally chose may not be the right people in a few years’ time. Ask yourself whether you still have a good relationship and can trust them to act in your best interests? Have there been any changes in their health that affect their ability to do the job?
Finally, please don’t be afraid of upsetting people. A lot of people feel that they have to choose their children or partner. It’s more important that you nominate the right person for you. That could be another family member or a close friend. Choose someone you trust to act in your best interests.
Do you need to create a Lasting Power of Attorney? Get in touch using the form below or call us on 0116 380 0752.