Advice on power of attorney

[TheHodgeoftheHedge]

Has anyone got any advice they can offer on this subject?
My parents are now quite elderly but very fit, healthy and independent at present. They have been, very sensibly, looking into making sure their wills are up to date and the subject of power of attorney has come up.
They are considering granting me and my sister power of attorney so that if anything happens in the future, it should be easier for us to manage their estate/make any difficult decisions without extra layers of red tape.
But is there anything I need to be aware of about this? Are there downsides to doing this at this point? Does it actually have any effect on me, my sister or my parents until something happens and we need to invoke it?
Would be grateful for any thoughts or ideas as I don't really know where to start looking! Thanks

Do it! There are no downsides

........... but an awful lot of potential downsides to putting it off......

That's exactly how we as a family feel! I guess I am just nervous of any complications that might arise for my parents in trying to run their own lives if we have it in place. Or any risk it puts me at? I assume none?

If you don't do it and they lose mental capacity you would have to go through the Court of Protection which is much more complicated and also severely restricts the decisions you can make anyway. You might never need to use but It is a straight forward process and worth it in my opinion.

You cannot over ride decisions they make while they still have mental capacity.

So no downsides whatsoever?

Are they sorting it out themselves, or through a solicitor? If a solicitor, ask to go to the appointment with them, so that you can fully understand it.

But, no, no known downsides.

Try reading Martin Lewis Money saving on the subject.

You can do it on line and save solicitors fees. Only used when needed, but an absolute essential.

I've just done these for both my mum and stepdad, partly to protect them from my brother and his daughter should they be deemed incapable
There is no downside and a lovely mner sorted it out for me, Pm me if you want her details
It's like insurance- you may never need it but if you do and you haven't got it it's too late

Thank you guys - I really appreciate your thoughts. And relieved that we're not being over cautious in thinking about it now rather than later.
@Hoppinggreen that might be very very useful. Thank you

As a nurse I'd say go for it. We have so many patients who lose their mental faculties and don't have anyone to advocate for them.

Make sure you get the right sort for your family's needs - you can get them to cover financial matters, health matters or both. For example, with just the financial one you could decide money matters but would have no say on medical treatment eg at the end of life.

Unfortunately there are the minority who misuse them for their own financial gain but used properly they're extremely beneficial!

I had it for my Dad who had Alzheimers, without it things would have been nigh on impossible. I had to do a 360 degree take over of his affairs and manage everything. As another poster said, you can go to the court of protection after the event and get deputyship, but it's an absolute pain (you have to submit accounts to the courts annually) and costs lots more. With POA you are only audited if someone raises a concern. Do it! As an addendum, i applied for the form myself and saved on solicitors fees.