Lasting power of attorney: what will happen to your assets and business?

People are generally not as familiar with the idea of a lasting power of attorney as they are with living wills, but it is just as important. A lasting power of attorney ensures that your wishes are respected if you become unable to make decisions for yourself and makes sure that you are represented by the person you want. This person could be your spouse, a business partner or a lawyer. A lasting power of attorney has two parts:

• In a personal lasting power of attorney, you can set out where and how you want to be cared for if you should become incapacitated, for instance. If you do not have a living will, you can also use a lasting power of attorney to set out any medical treatment you do or do not want.
  

• In a financial lasting power of attorney, you can set out how you want your assets and business to be managed. This is especially important if you are self-employed. You can also detail your investment strategy and any gifts you wish to make to those surviving you.

Generali tip

A lasting power of attorney is not a replacement for a will. Writing a will is also not something you can delegate to another person. Hence, you should draw one up as early as possible. 

Handwritten, notarised

They way you write your lasting power of attorney is critical: it must be handwritten by you or notarised. There are many sample documents online that you can copy by hand and then complete with your signature, date and place. If it is not possible for you to draw up your lasting power of attorney as a hand-written document, you must have it notarised by a public notary. You can use this locator to find a notary near you.

Keep the original version of your lasting power of attorney somewhere where it can be easily found. You can also upload it to a central database or, in some places in Switzerland, deposit it at the civil registry office.  Give a copy to the persons you have designated in your lasting power of attorney. If the power of attorney should come into effect in an emergency, your relatives will have to present it to the children and adult protection authority (KESB). The KESB will check whether it is valid and whether the persons designated in it are fit to fulfil it.

Generali tip

In an emergency, it can be difficult for relatives to find important documents.  Hence,always eep all of your important documents like your ID, lasting power of attorney and living will in the same place and let your relatives know where they are.