Remember “if you have the capacity to do a Will, you have the capacity to appoint Attorneys”!
However, many clients decide to put in place Wills now, and think that they can decide later about Lasting Powers of Attorney. This is a big mistake.
Many people who are physically healthy decide that they will only put a Lasting Power of Attorney in place when they need it. When they become more incapacitated will be the time when they do it!
The trouble is that to put a Lasting Power of Attorney in place, is not as easy and a quick as everyone hopes. Below I have listed some of the important considerations that are involved:
• Instructions have to be taken.
• Decisions as to who will be a suitable attorney must be made.
• With 2 types of Lasting Power, it must be decided which one is needed, or are both applicable?
These are just some of the issues that have to be discussed and dealt with.
Once approved the Lasting Power must be:
• Executed by the Donor.
• The Certificate Provider must provide the necessary Certificate.
• The Attorneys must sign.
As only a fully Registered Lasting Power of Attorney can be used. The Lasting Power of Attorney must be Registered with the Office of the Public Guardian. This takes time:
• Registration takes approximately 3 months.
• Receipt of registered document is usually within 2 months of registration.
So the procedure is slow. If you therefore think putting in place a Lasting Power is a good idea – do it now! Otherwise if you wait until you really need it – the procedure could take several months when you need it the most!