Property and financial lasting powers of attorney versus deputyships

I have written before about the importance of having Powers of Attorney, but with everyone tightening their belts after the Christmas holidays is this an expense that can wait until a later date?

I was asked by a middle aged couple once whether they were too young to make Powers of Attorney – a question that I was quite surprised by at the time, but it seems the general perception is that these are something that only elderly people need.

By making a Lasting Power of Attorney, you are ensuring that should anything happen to you so that you are unable to deal with your property and affairs, or make decisions in relation to your medical treatment, there is someone who would be able to help you, and is legally entitled to make decisions on your behalf.

If you have not made a Power of Attorney, and become unable to deal with your affairs, someone would need to make an application to the Court of Protection to become your ‘Deputy’. This will give them the same powers that an Attorney has, but in order to become a Deputy, that person needs to provide the Court with details about themselves, about your finances, and provide a medical report from your doctor or a psychiatrist. A Deputy has to file annual accounts with the Court, and may be restricted as to the decisions which they can make on your behalf, often leading to more court applications as circumstances change.

The main differences between Powers of Attorney and Deputyships are that with a Power of Attorney;

From a practical point of view:

..and lastly:

Many applications for Deputies are made for people wishing to look after people under the age of 50 who have illnesses or have been involved in accidents, and often mean that the Deputy is acting for many years.

Powers of Attorney are not exclusively for the elderly, and can provide very important safeguards for you and your family. When considering the alternative, putting off making LPAs may be a false economy.

For appointments to discuss Powers of Attorney, or Deputyships please contact Private Client Lawyer Caroline Billings, Norwich Powers of Attorney specialist

Norwich Powers of Attorney Specialist Caroline Billings