Earlier this week, ISOLAS LLP, Gibraltar’s longest established law firm, hosted a breakfast briefing event at its offices focusing on Lasting Powers of Attorney.
Part of an information campaign with which the firm is engaged online and on radio, the event brought together a group of guests from the corporate and charity sectors in order to offer them some insight about the advantages of having a lasting power of attorney or, as it is also often referred to, ‘a living will’.
Sarah Miles, a Senior Associate with ISOLAS LLP, delivered the presentation. Sarah is well-placed to advise on all aspects relating to Lasting Powers of Attorney, having assisted the Government of Gibraltar in the drafting of the Lasting Powers of Attorney and Capacity Act 2018.
The effect of a Lasting Power of Attorney, is that you are able to legally appoint someone to look after your affairs for you, whether financial or in respect of your health, while you’re still alive but have lost the capacity to make decisions for yourself.
Sarah Miles explained, during the presentation, that ‘the once traditional and accepted course of life is often interrupted by factors we neither control nor foresee, but we are now able to set out our instructions and preferences to be followed in those circumstances. It’s a useful planning tool for anyone over the age of 18, to assist with day-to-day matters like banking and personal care. People often put a Will in place, to set out how their assets are to be distributed once no longer here, but in today’s society, where life expectancy is increasing and there is more awareness of mental health conditions like dementia, we need to also plan for the years when we are still around, but may need assistance with decision-making. It’s common for a person’s mental capacity to deteriorate with age, but it can also be lost suddenly and unexpectedly in the case of accidents, contact sports and familial medical conditions.”
Investing a little time in putting a Lasting Power of Attorney in place now, can save you and your loved ones a significant amount of stress, money and heartache should the worst come to pass – it’s not pleasant to contemplate of course, it never is, but it is certainly quicker and less cumbersome than making an application to court once capacity has been lost, in order to appoint a deputy to manage your affairs.
For an information leaflet or for more information, contact Sarah Miles on +350 2000 1892 or email her directly at sarah.miles@isolas.gi
