Power of Attorney ~ Not just for the elderly
“I don’t need Power of Attorney, that’s just for old people!”
It’s really not.
It’s for everyone.
If there’s even a slight chance that you might need some help in the future, for whatever reason, you should think about signing a Power of Attorney.
I’ve helped individuals with complex mental health challenges set up power of attorney, so trusted people can help them look after their finances. If you know you are vulnerable, or just not that great at managing money; if you have episodes of excessive spending, or you simply want to know help is there if you need it, then having the right protections in place can be incredibly reassuring.
I’ve had to break more bad news to distraught family members after their adult daughter suffered a life-changing injury. There was no way she could sign a Power of Attorney after the accident, which meant her parents couldn’t help manage her money and make sure her bills were paid. Which meant they were chased by aggressive debt-collection companies demanding payments, while their daughter lay in a hospital bed, and they didn’t know if she would ever recover.
I’ve also had to rush to the bedside of a young stroke patient who wanted to sign a Power of Attorney quickly, in case he had another stroke that left him incapacitated. We got it all signed, so that was one less thing to worry about at a time when his future was suddenly uncertain.
The problem is, we don’t know what’s around the corner. You might set up Power of Attorney, then never need to use it. That’s okay. Signing a Power of Attorney doesn’t take away your right to do everything for yourself, so if you never need to use it then you haven’t really lost anything (apart from a bit of money and time taken to set it up.) The trouble comes if you do need it, and you haven’t got it. That’s when the problems really start.
You need to sign a Power of Attorney when you have sufficient capacity to understand the implications. If you leave it until you need it, it’s probably too late.
If you don’t have a Power of Attorney in place, and you lose mental capacity, then someone will have to apply to the Court of Protection to be appointed as your Deputy. These court proceedings can be lengthy, expensive and stressful. Nothing can be done to look after your money, or claim benefits or income you might be entitled to, until the court order has been issued, and this can take many months.
Don’t leave it until it’s too late.
Power of Attorney is for young people too.
If you have any questions, feel free to get in touch.
#askHannah
#notjustforoldpeople #powerofattorney
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