If you are elderly or ill and approaching the time where you may not be able to look after your financial affairs, you should consider making a Lasting Power of Attorney.
You will need to consider:-
- Whom you most trust to look after your affairs.
- Whether you want them to have control immediately or only if you become incapable.
- Whether you want them to have control over all or only some of your affairs.
- Whether you want them to be able to sell your house, if you had to go into a Home.
- Whether you wish to appoint more than one attorney as a safeguard, to prevent an attorney on his own not acting in your best interests.
It is vital that you take advice before signing a Power of Attorney. If you appoint the wrong person, he or she has power to use your assets for his or her own benefit rather than yours. See our page on Powers of Attorney.
Please also see our article on Paying for Residential Care Homes by Angharad Palin.
Collyer Bristow have a great deal of experience in helping the elderly manage their affairs and protecting them against unscrupulous relatives! For more information, contact a member of the Tax & Estate Planning team.