Setting up a power of attorney can be beneficial for many people, helping them to feel prepared for a scenario in which they need support making financial decisions at a later stage in life. In this guide from your local solicitors in South Wales, Richard & Lewis, you can discover what powers of attorney are and how they are advantageous.
What is a Power of Attorney?
If you believe there might be a situation where you are temporarily unable to make financial decisions on your own behalf, a power of attorney (POA) may be the temporary solution you need. A power of attorney allows you to appoint someone else to make financial decisions for you. This can be helpful if you are staying in the hospital, on holiday, or find it difficult to leave your home for appointments. Generally, these powers will apply only if you still have your mental capacity.
The Benefits of a Power of Attorney
There are many reasons why appointing a power of attorney can be a worthwhile investment in your future. Below, you can find the benefits of implementing a power of attorney.
Protects Your Interests
If you’re not able to make financial decisions, it’s good to know that someone with your best interests in mind will. By appointing a specific friend or family member to act as your power of attorney beforehand, you can feel reassured that only a trusted person will be making decisions.
Reduces Stress for Your Loved Ones
Should you need to stay in the hospital temporarily, you may find that this is distressing for your loved ones. There may be arguments on who should make decisions on your behalf, creating tension. By appointing someone beforehand, these arguments are far less likely to happen.
Gives You Peace of Mind
Having a power of attorney appointed to make decisions in your place can reduce your worries about needing to step away temporarily. If something should require you to take some time away and leave you unavailable to make financial decisions, such as a hospital stay, you will have peace of mind knowing that you have the support needed to do so.
Longer Term Solutions
If you need a more permanent solution, a lasting power of attorney (LPA) may be more suitable than an ordinary power of attorney. Lasting powers of attorney can apply to both financial and health decisions, giving a person full control over making decisions for you if you’re not able to.
Our Services at Richard & Lewis
Interested in appointing a trusted person with a power of attorney? As professional wills and probate solicitors, our team at Richard & Lewis have the expertise needed to provide you with peace of mind. Based in Ebbw Vale, we have experience in a range of legal services. Please visit our website to learn more about us and how we can help you at Richard & Lewis. You can also contact us directly for further advice and support.
