Why Are Lasting Powers of Attorney Important?
Abbie Kingdon 14-06-2016
To speak to an expert qualified solictor about lasting powers of attorney, call 01271 343457.
Have you ever considered who would manage your property and financial affairs in the event you become mentally incapable?
Unless you have a lasting power of attorney (LPA) in place your family would need to apply to a specialist court for an Order enabling them to manage your property and finances. This is not only a time consuming process but potentially an expensive one as well.
Drawing up an LPA is an important part of putting your affairs in order and by putting one in place you would reduce the burden on your family and ensure that someone you trust has authority to manage your property and financial affairs, including:
- managing your bank accounts,
- paying your bills, and
- selling your home.
Typically LPA's are used when a person has dementia or alzheimers disease or has suffered a stroke. They can also also be used in situations where a person has become too frail to leave their home.
Within an LPA you can appoint one or more individuals (known as "attorneys") who would have legal authority to manage your property and finances on your behalf. You can also appoint attorneys to make decisions on your behalf in relation to your health and welfare, such as where you should live and what medical treatment you should receive.
If you have a business, it is also a good idea to prepare a separate LPA in relation to your business property and finances to avoid any complications associated with your business.
You must have mental capacity to prepare an LPA, and all to often we are seeing these being sought when it is too late.
If you or a loved one would like more information about LPAs or would like to put one in place then contact one of specialist team who would be happy to see you at our offices. If you would find it difficult to get our offices we will visit you at home, in residential care or in hospital or where ever is most convenient for you.