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The wellbeing of you and your family is the most important thing in life. You have a responsibility to look after your family and you want to protect them from any difficult situations. But sometimes things in life can happen which are out of your control, like have an accident or becoming seriously ill. If you are suddenly no longer able to look after things and make important decisions for yourself, this can be absolutely devastating for you and your loved ones.
Do you have the main family income? Would your family be capable of looking after the household without it? If your family relies on you to take care of them and they are suddenly unable to access much needed finances or assets because you are unable to sign documents, pay bills, or access your bank accounts then this could put your family in a very stressful situation.
The best thing you can do for your family is be prepared. An Enduring Power of Attorney means you can choose a person you trust to be responsbible for managing your affairs if you can no longer do this for yourself. An attorney will act in your place to do things like pay your bills, sign documents and organise your banking. Unlike a general Power of Attorney, an Enduring Power of Attorney will continue you even after you are unable to make your own decisions.
You may be concerned with the amount of power this gives to a person over your life. It is important that you choose someone that you can trust completely. Your attorney must act in your best interests and unless authorised cannot gain any benefit from being your attorney. Your attorney cannot use your money or assets for their benefit or anyone elses. As an extra measure of safety, your attorney must keep their own assets separate from yours and keep proper records of your accounts.
Our team at Vaarzon-Morel Solicitors is here to ensure you make an informed decision about the benefits and risks associated with appointing an Enduring Power of Attorney.
