A Lasting Power of Attorney is not just for older people planning ahead of potential dementia or illness, as younger people may sometimes become incapacitated through accident or injury. This legal document which can be set up relatively inexpensively allows you to plan in advance who would manage your affairs if you were unable to do so yourself.
If you do not have a Lasting Power of Attorney in place and later become mentally incapacitated, relatives may face long delays and great expense in applying to the Court of Protection to get access and take control of your assets and finances.
LPAs are designed to be recognised by financial institutions, care homes and local authorities as well as pension authorities. You may consider having such a legal document alongside your will.
The document can be used with your consent or by the nominated person who is called an attorney, on your behalf when you lack mental capacity to make your own decisions.
This enables you to plan in advance who would manage your money and other assets if you were unable to do so yourself. This includes:
This permits your attorneys to make decisions about matters as:
The power of an LPA can also be used on a temporary basis for example, if you had a spell in hospital in order to deal with your finances. You can appoint several attorneys and state whether they should always act together or whether each one can act alone.
Please ask me for a quote for either an LPA or a Pair. My prices are very competitive
Note: Please be mindful of an additional, separate registration fee of £82 per LPA.