The simple, yet crucial, answer is that they must be drawn up whilst the donor (the person having them drawn up) still has mental capacity.
Human nature being as it is many people defer taking any action at all. They either believe that the loss of mental capacity will never happen to them or they think they will be able to assess the ‘right’ time to make provision. Sadly many judge wrongly and then panic regarding their severely limited options.
If the donor still retains capacity, yet is likely to require their Attorneys to act in the foreseeable future, then Lasting Powers should be drawn up and immediately registered with the Office of Public Guardian. The second stage of this process is currently taking around four months to complete.
In the unfortunate circumstance where capacity has been lost, either through progressive mental decline or a sudden incident, the family can apply to the Court of Protection to acquire Attorney status however this is likely to take months, cost thousands of pounds and comes with no guarantee of success. It is a distressing situation which can very often be avoided with a little forward thinking.
We insure our homes and cars, why not ourselves (and our families) through Lasting Powers of Attorney and indeed Wills?
The clear message is that Lasting Powers should be set up when we are fit and well, don’t wait until later years when it all becomes something of a lottery. Contact Castle Wills today and let us help give you, and your family, peace of mind.