Lasting Power of Attorney
In the comfort of your own home
"I had been think for a while that my will need rewriting but its one of those jobs that gets put to the bottom of the 'to do' pile. I then met Gerard at a BNI meeting and we got on - so time to get an item off the list. Gerard made the whole process very easy and explain everything in a clear manner - the end result is a new updated will.
As a result of this, Gerard, is now working with my father on his 'Power of attorney' documents, which should be successfully files in the next couple of weeks.
If a Will or Power of Attorney matters are on your to-do list then I'm sure Gerard should be your next call..."
Lasting Power of Attorney
A Lasting Power of Attorney is a legal document, where you appoint someone to look after your affairs and make decisions on your behalf should you become unable to do so. Without an LPA no one, including your family, friends and not even your spouse, has the automatic right to take over your finances, sign a cheque or pay a bill.
None of us know when we may lose the capacity to manage our own affairs. Although it tends to be more common in elderly people, it can happen to us at any stage of our lives. Through illness or injury, even the young may need help from someone that they trust.
In the absence of an LPA, the Court of Protection will appoint a Deputy to act on your behalf to manage your affairs. This process takes time and can be very expensive. There is also no guarantee the Court of Protection will appoint the person you would have wanted.
There are two types of Lasting Power of Attorney available:
Property and Financial Affairs LPA
An Attorney appointed under a Property and Financial Affairs LPA is responsible for making decisions regarding your finances and property and managing any accounts you may have. This could include the sale of property, paying bills and signing cheques, providing finance for dependants, making investments and managing a business.
Health and Welfare LPA
An Attorney appointed under a Health and Welfare LPA is in charge of your personal wellbeing. This may include making decisions about where you would live, what medical treatment you would receive or refuse, your day to day care and who could visit you.
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The benefits of drawing up a will are widely recognised. In doing so, you make provision for the winding up of your affairs after death.
There are also opportunities available to make provision in advance for the possibility of you becoming incapable of managing your own financial and welfare affairs during your lifetime. This becomes increasingly important as the risk of supervening mental incapacity grows through longevity, illness or accident.