We go through life doing the very best we can, juggling our careers. We also take care of responsibilities towards our family and our children, while also trying to keep ourselves healthy and in the best physical shape we can. Any doctor will tell you that it is important to take physical exercise, as well as eat a proper and balanced diet.
People don’t realize how important this is until something tragic actually happens to them. If they haven’t planned ahead, by executing an enduring power of attorney, they may find themselves with problems they don’t need. Everyone is at risk from a debilitating disease or accident, no matter how many precautions they take. Unfortunately, every year, thousands of people in England become impaired either physically, mentally, or perhaps both through no fault of their own.
The impairment may be caused by an accident, or it might be an unfortunate twist of fate, where a disease or medical event happens which leaves us unable to continue our life as before. Although no one wants to think of this type of worst case scenario, they need to be prepared way in advance, in the event such a thing does happen. The best way to accomplish this is by making sure that there are safeguards in place.
By executing an enduring power of attorney¸ one can ensure that a mechanism is in place. It is a legal document which allows someone to continue meeting your obligations for you. This can be something as simple as making sure the household bills are paid, including a mortgage, as well as looking after one’s business interests. There are many additional functions and duties that need to be performed, such as looking after one’s children’s education, as well as their overall health and welfare.
Set up a Comprehensive Plan
The document that you can execute is known in England as a Lasting Power Of Attorney (LPA), and it can name up to four different people who may be family members or individuals that you trust including your solicitor. There are however, a few points to consider:
- What happens if one of your individuals cannot fulfill their obligations, for whatever reason? You can have up to four Substitute Attorneys, who are available in the background in case one of the principal Attorneys cannot perform their duties. But they all must sign the LPA while you are still of sound mind and body.
- An independent person who is referred to as a Certificate Provider will have to attest that they discussed the contents and implications of your LPA with you, and that you fully understand what you are signing. While it can be a family member, it is probably advisable to engage a solicitor, whom you have known at least two years, and have them properly explain to you all the legal ramifications of what you’re signing.
Choose Your Representatives Carefully
Given the great responsibility that you are placing on the people that you name as your representatives in your enduring power of attorney, it is important that you consider your choices very carefully. The people that you name will have complete control over your welfare and that of your family should you become incapacitated.
It is a difficult decision and one which should be given due consideration.
Author Bio : The guest post was contributed by Sam Payn, financial guest blogger. He is a member of some financial communities.