Who would you appoint as your personal CEO? | AAG Wealth Management

Who would you appoint as your personal CEO?

Posted: July 4, 2014

Let me paint a somber picture, you are suddenly rendered incapable of making your own decisions, who would take the role of chef decision maker on your behalf about pertinent issues such as your health, finances and property.

It’s a decision that many of us don’t make and that is, essentially, taken out of our hands.

Power of Attorney is often perceived as something that only applies to old people, or those in the early stages of mental illnesses, but the reality is that we should all be considering registering a Power of Attorney before we need it.

There are two types of Power Attorney, one that is just concerned with your health and welfare – how you are looked after, what treatments you may or may not wish for, where you are treated, etc. The second, is focused on your finances and property – where you live, how your money is managed, etc. You may appoint the same person to do both, but equally you may decide to appoint two separate and very different people for each role.

According to the Alzheimer’s Society, there’s currently 800,000 people in the UK with dementia, and yet the numbers of registered Power of Attorney’s are significantly lower.

Which means, that many individuals are reliant on the Office of Public Guardian (OPG) to appoint someone of their choosing, taking all control away from the individual and their family.

Of course there are costs involved, but registering your Power of Attorney before it’s too late, can cost less than the financial, and certainly the emotional costs of going to the Court of Protection to fight for your rights.

Appointing someone to be your personal CEO is not something that should be taken lightly, you will want to ensure that you are choosing the right candidate, that you have considered what you want them to do on your behalf and what specific instructions you want them to follow. Whilst you can complete the forms online yourself, getting professional advice from a lawyer can pay dividends in the long run.