In this article, we will look at what a Lasting Power of Attorney is, what it does and why you should be considering drawing one up.
So what is a Lasting Power of Attorney?
A Lasting Power of Attorney (LPA), are legal documents that can be used to help you safeguard your financial future. A worry for many is that mental and physical incapacity could strike at any time. This could be as a result of an accident or a debilitating illness such as a stroke, heart disease or dementia. Having an LPA in place ensures that your affairs can be looked after by those you have chosen to appoint.
Why should you have a Lasting Power of Attorney?
With an “ageing population”, many people place LPAs in the same categories as wills by associating them with later life planning. In reality, they are relevant to just about everyone. Unexpected things happen. If you should lose “capacity” for any reason, your assets would be frozen, even joint assets. This means that you would be powerless to control your financial affairs, at a time when your family need help more than ever.
What happens without a Lasting Power of Attorney?
Without an LPA in place, an application would have to be made to the Court of Protection. This can be a process that is long-winded, onerous and expensive. With a valid LPA in place, your attorneys will manage your financial affairs with immediate effect, without the need for frozen assets or a court application.
How Anstee & Co. can help you?
An LPA is a key part of the work we undertake when, “financial planning”, with our clients. Although we will not draw up these technical legal documents ourselves we will work with you and your solicitor to ensure that your wishes are met and that your family is fully protected.
- London, Pall Mall
- Birmingham, Snow Hill Queensway
- Stamford, Lincolnshire
- Or at our Head Office in Kettering, Northamptonshire.
The initial meeting is free and without obligation.