Updated: Feb 20
In life, it is natural that we don’t want to think of the worst. We want to live life to the full.
However, by considering the implications of what could you happen to you and your loved ones in the event of a disaster, it could save a lot of stress, pain and suffering down the line.
Making plans regarding your Power of Attorney is a great way to do just that.
Here are two case studies of one individual who passed on Power of Attorney, and one who didn’t, and what happened when they sadly suffered accidents.
Kelly was in her 50’s when she was sadly involved in a motor accident. Unfortunately, the injuries she sustained meant she was left in a coma.
Nobody has the automatic right to make health or financial decisions on your behalf – not even your spouse or civil partner. Doctors will make the medical decisions based on what they believe is in your best interests – even if your family disagree.
A bank, pension scheme, financial adviser, or utility providers cannot speak to anyone about your situation who does not have Power of Attorney.
This can lead to bills being unpaid, having medical procedures you don’t want, and not being able to change your pension investments at a critical time.
This was the case for Kelly, and it led her to being a very precarious situation. You cannot make decisions for yourself, and neither can anybody else – unless you nominate a Power of Attorney.
Sarah was also in her 50s when, sadly, she suffered a stroke, leaving her hospitalised.
However, unlike Kelly, Sarah had nominated her husband Daniel as her Power of Attorney. Daniel ensured her bills were paid, took care of her pensions and investments, and was able to help in making sure her medical wishes were followed.
By nominating her Power of Attorney, Sarah was well looked after when she couldn’t look after herself.
Make sure you are being looked after when you cannot look after yourself.
By having a Power of Attorney you will remove worry in case the worst strikes. Being proactive is the best method – taking matters into your own hands, rather than leaving them to the courts, is the best course of action. You can also facilitate further Inheritance Tax and will writing plans in the future.
There is a charge of £82 per power set up when applying for Power of Attorney. For powers for husband and wife for health and financial, this would equal £328. The fee can be reduced for people in certain circumstances such as low income.
Whilst it may not be necessary right now, you can never predict what is around the corner. Just ask yourself, are you prepared should the worst happen? Make sure you are protected in the case of a disaster.
When you have a major life event, make sure you have one less thing to worry about and ensure you and your family are protected, as well as your finances.
Talk to your life stage team today about whether you would benefit from putting a Power of Attorney arrangement in place.
This article represents the opinion of Reeves Independent limited only, is for information only and should not be seen as advice or a recommendation to take action.