Seven Reasons Why You Might Want a Power of Attorney

Did you know that Sharon Stone, the Award winning actress, had a stroke in 2001? She had a massive brain bleed which lasted for nine days. She estimated it took about seven years for her to overcome her health problems.

I recount this story because it illustrates that even young, fit and famous people are not immune to life-changing health problems or accidents.  Things do happen out of the blue.

When something like this happens, it's usually family members that come to your aid. Whether it's managing your bank account, or making decisions about your treatment, you rely on loved ones to do the right thing.

I am always in favour of clients being legally prepared for whatever life throws at them. As it's a New Year and we all make an effort to get our lives in order I thought I'd highlight some key reasons why a Power of Attorney should be part of your legal protection.

SEVEN top reasons to get a Power of Attorney in 2020.

  1. It is possible to manage someone's affairs without a Power of Attorney but why would you want to? It's   more complicated, costly, stressful and ultimately, you are guessing, rather than knowing, what to do.
  2. Power of Attorney gives you control. You can specify how you want to be treated and how to handle your money. No-one has to second guess what you want done.
  3. Double protection.  You can have more than one attorney making decisions about how your life and assets are managed. In many cases, two heads are better than one.
  4. Once registered, the Court of Protection acts to prevent any abuse. You  have the legal system on your side.
  5. You are in control of  who has access to bank accounts, investments and pensions. You can restrict this to your most trusted advisers.
  6. Health and Welfare and Financial Powers of Attorney, cover different things. This is good because it means you can choose different people to manage different areas.
  7. Business owners and Directors should have a special business Power of Attorney so that someone can make decisions purely for the business. Being able to make decisions is the key to many firms growth and stability.

We are all busy people and I know that I often put things off when I shouldn't. But please take this as a gentle reminder that January is not just about diets, gyms or resolutions. It's also about getting ourselves organised.

I hope this article is a gentle reminder for you. If you wait until February that's ok I won't hold it against you!

Call me, Tim Butcher on 0118 9575337 to organise a Power of Attorney meeting or for more information.

Published on 13/01/2020

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