Preparing a lasting power of attorney can make a big difference to you and your family if illness or an accident means you cannot make decisions for yourself. There are some myths around powers of attorney which need exploding, however, and here we look at five of them.
Powers of Attorney Are Expensive
You can get a power of attorney online. Any site offering a Power Of Attorney Online will have the fees clearly indicated. To register a power of attorney with the Office of the Public Guardian will cost £82.
You can fill in the forms yourself, but recently it was revealed that 50,000 applications to register a power of attorney were turned down in the financial year 2023/24. You will need some guidance to ensure the same fate does not befall you and your family.
My Next of Kin Make Decisions on My Behalf If I Am Ill
This is not the case unless you have a Power of Attorney registered. No one has the right to make decisions about your health care, property or finances if you do not have the mental capacity to do so yourself.
My Joint Bank Account Means I Do Not Need a Power of Attorney
Again, this is not the case. Even with a joint account there is no guarantee that one person can make payments to cover bills if the other does not have mental capacity. The bank has the right to block access to a joint account if they do not have a copy of a power of attorney, and if one party loses mental capacity it is too late to amend the situation.
The Executor of My Will Can Make Decisions for Me
A will is a separate legal document and comes into effect after your death, and so a power of attorney is needed whilst you are still alive, since executors only act after your death.
I Can Create a Power of Attorney After I Become Ill
You must appoint Attorneys whilst you have the mental capacity to do so.
