Some decisions are better taken sooner rather than later…

It’s understandable that when making certain big decisions, people often stall or put it off altogether.  Often a lack of information, or an information overload, can make the experience particularly daunting.  However, we should consider the importance of making these decisions, and what’s more, making them at the right time.

Power Of Attorney

One such decision which is often overlooked is putting in place Power of Attorney.  It’s likely that you’ve heard this term being used before, whether that be in a passing conversation or even on TV, but we would stress the importance of making this decision with regards to your personal welfare, finances and property.

For those of you who may not know much about this, a Power of Attorney is a written document that appoints a person(s) of your choice as your Attorney, who therefore has the authority to make decisions on your behalf, should you not be able to do so.

There is a common assumption that it is not as important to grant Power of Attorney until you are older, however we feel you should consider doing so at the earliest opportunity.  Many people have their Will drawn up around the time they buy their first property, or when they start a family, this would also be an ideal time to grant your Power of Attorney.

Interestingly, you may prioritise drawing up a Will, in the interest of passing on your assets, but in reality, Power of Attorney is much more important as you never know when you may become incapacitated and unable to manage your day-to-day life, including your own welfare and finances.  Should this happen, your Attorney would be able to make certain decisions (as established by yourself) on your behalf.

However, you will not be able to grant Power of Attorney after an accident has occurred and applying to do so at this time is an extremely laborious and potentially expensive exercise through the courts.  All of this is avoidable if you have chosen your Attorney beforehand.

Not only are there potentially extensive costs, but this process is not quick or easy and therefore could take months to have someone officially granted Power of Attorney, all happening at a time you really need someone you trust looking after your interests.

Responsibilities of Attorneys vary, as they can manage day-to-day finances such as bills or larger decisions such as investments.  Nevertheless, we suggest granting Power of Attorney to one or more person, as soon as possible to ensure that your affairs continued to be managed as you, would manage them.