Lasting Powers of Attorney
At Fraser Dawbarns LLP, our Private Client Department are able to assist you with Lasting Powers of Attorney.
Putting in place a Power of Attorney enables a person chosen by you to deal with your affairs in circumstances where you are not able to. This may simply be because you are going to be out of the country for an extended period of time and documents will need to be signed during that period. Alternatively, you may wish to have a Power of Attorney in place in case you are not able to make decisions about your affairs because of incapacitating illness or loss of mental capacity.
There a number of different types of Lasting Powers of Attorney which are explained in more detail below.
Lasting Powers of Attorney Health and Welfare
A Lasting Power of Attorney Health and Welfare can allow you to appoint one or more people to make decisions about your health and care if you are unable to make those decisions yourself.
The types of decisions can include all those things we take for granted such as our diet and daily dress, through to bigger decisions like where we are to live and what type of care we might receive. In the most serious of cases your Attorneys, if you so choose, may have the power to decide whether or not to give or refuse consent to life-sustaining treatment on your behalf.
Lasting Powers of Attorney Property and Financial Affairs
A professionally drafted Lasting Powers of Attorney (LPA) can ensure the people or person you trust the most can manage your financial affairs for your benefit, should you lack the mental capacity to do so.
Your Attorneys can protect your assets when you are at your most vulnerable and make sure your best interests are taken care of. By taking the time to prepare a Lasting Power of Attorney you can tailor the provisions to suit your specific circumstances.
Your Attorney will have the authority, subject to any restrictions you might wish to impose, to :-
- Buy and sell property on your behalf.
- Manage your investments.
- Deal with your pensions and other sources of income.
- Make sure all of your bills and liabilities are paid.
Commercial Lasting Powers of Attorney
You may consider creating an LPA that deals specifically with your business interest. Whether you are a partner of a business or the director of a limited company, your Commercial LPA will make sure your business continues to run smoothly in the event that you should become unexpectedly incapacitated. If you find yourself in this position without an LPA in place, your business could suffer tremendously, putting strain on your family, business partners, and colleagues. This could affect payment of wages, contracts may not be able to entered into and creditors might not be able to be paid.
A commercial LPA is different to a personal LPA. The people you appoint under a Personal Power of Attorney might not be the same as those you would appoint under a Commercial Power of Attorney. For instance, you may not think it suitable to appoint a relative or a friend, but rather someone who knows your business and has the requisite experience and expertise to make proper business decisions.
If you would like to speak to a member of our Private Client Department, please do not hesitate to contact us to discuss how we can help.