A power of attorney is a legal instrument that allows candidates to make legal and financial decisions on behalf of others. You can imagine the problems that arise in managing the financial affairs of elderly parents. They cannot make rational decisions and are at risk of losing their assets with a simple signature on a document that they can no longer understand.
You can avoid additional problems that can arise with age, by providing a power of attorney to a trusted family member. It's not just a matter of common sense, it can be essential to family peace and bringing rationality to a tried and tested phase of life. You can also know more about the power of attorney in London through various online sources.
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Here is the list of the top reasons why you should have power of attorney :
1)Loss of mental abilities. As mentioned above, in old age loss of mental abilities is a common phenomenon that needs careful planning. Power of attorney can avoid problems that arise and protect the assets of the affected person. When a family sits down and discusses all the consequences, it's easy to agree on how a power of attorney can be drawn up to deal with all the issues.
2)Problems if there is no power of attorney. For example, if a person is deemed incapable of making rational decisions in old age by losing mental acuity, control over that person's property must be determined by the court. This can create problems for other family members and cause great anxiety and delays in day-to-day management issues.
3)Financial and legal matters. Power of attorney not only covers control over financial matters but other legal issues that may arise. Power of attorney is a flexible instrument that makes everyday life as easy as possible.