When making a Lasting Power of Attorney people will often look to family members or friends to act. However it is worth thinking whether or not family members or friends are suitable. While a Lasting Power of Attorney can come into effect at any time due to illness or injury, they commonly tend to become operative as we approach old age. If you have appointed Attorneys who are of a similar age to you there is always the risk that their health will fail before yours does.
Summary – What is the purpose of a Lasting Power of Attorney?
The purpose of a Lasting Power of Attorney is to allow somebody to manage your financial affairs and/or make decisions about your healthcare if you are no longer able to make those decisions yourself. In appointing an Attorney it is important that you choose somebody who you can trust to carry out your wishes.
Should Children be appointed?
Where children are appointed there is always the risk that they will disagree over the management of your finances or healthcare. Where this arises this can lead to considerable problems. Children will sometimes jockey for position with an elderly parent persuading the parent in turn that they should appoint them as an Attorney and remove other children.
In other circumstances children may not be placed to manage significant sums of money. Unfortunately there are a number of cases where children will take the view that the parent has more funds than they need and will seek to withdraw funds in their own favour taking the view that they are only receiving an advance on their inheritance. Once a Attorney crosses this particular Rubicon then the temptation to make further withdrawals can become irresistible.
Some children will be reluctant to make medical decisions particularly if they are going to result in the end of a parent’s life. This is not an easy decision for anybody to have to make.
Garner & Hancock professional attorney service
At Garner and Hancock our Life Planning department is headed by Nigel George who has many years’ experience of acting for clients at the end of their lives. He is a Death Café facilitator and has also acted as a Funeral Celebrant. He works very closely with Daniel Flynn and managing partner Vinay Tanna and they have put in place a programme for offering professional services to clients as an Attorney for both finances and health and welfare.
Who could be your professional attorneys?
Daniel is 35 years of age and Vinay is 53. They will be able to provide Attorney services to clients for many years to come. We ask all clients who are looking to appoint us as a health and welfare Attorney to complete a Best Interest Statement so that we have a clear idea as to the medical care they do and do not wish to receive at the end of their life or where due to accident or illness the quality of their life has become significantly impaired.
As a firm as a whole we have considerable experience in advising clients over the management of their financial affairs and have strong working links with accountants and financial advisers.
What do professional attorneys bring to the table?
Most importantly of all we provide impartial independent and professional advice. This means that anyone who appoints Daniel or one of our other partners as an Attorney can be sure:
- That their affairs will be dealt with in a professional manner by somebody who is experienced in providing advice where a client has lost mental capacity.
- That their finances will be safeguarded and properly invested.
- That regard will be had to a person’s wishes when it comes to their health and welfare at the end of their life or where decisions need to be made over the quality of their life.
If you would like to discuss further appointing a partner of Garner and Hancock as a Professional Attorney to act on your behalf then please contact Vinay Tanna, Daniel Flynn or Nigel George who will be happy to discuss these matters with you further.