Lasting Powers of Attorney, or LPAs, enable individuals to plan for a future in which they may not have the mental capacity to make decisions about their financial and health affairs.
Financial matters are dealt with by a Property and Financial Affairs LPA. This is a legal document that allows you to appoint one or more people you trust as your attorneys to manage your financial matters on your behalf.
Your attorney’s responsibilities
These could include the sale or purchase of property, the supervision of investments, payment of bills and the general management of your financial information. Should you wish it, your attorney’s authority can take effect even while you still have mental capacity and continue uninterrupted should you lose it.
You can make an LPA online or with a service like https://powerofattorneyonline.co.uk but, either way, creating a Property and Financial Affairs LPA now puts you in charge of your future by proxy. Whether your attorney is your spouse, a family member or a trusted friend, they will have the full legal authority to protect your best interests.
What if there’s no LPA?
Without an LPA, if you become incapable of making financial decisions, the court may appoint a professional deputy. This can be a slow, expensive process that may leave your loved ones with little or no say over your affairs.
The simple piece of planning avoids unnecessary stress, expense and uncertainty for both you and your family. It may never need to be used, but it is a protection well worth putting in place.
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