Accidents, brain injuries, illness and strokes can all affect yours or your loved one’s ability to make your own decisions. Handling your financial affairs can become virtually impossible, which is why it is recommended that everyone plans ahead.
We never know what may happen and or when. There is a common misconception that, simply by virtue of being a relative of a loved one, you will have the power to make important decisions on their behalf if they have lost their ability to do so independently. This is not the case - and that is true even if you are their married or civil partner. So that begs the question, do you need a lawyer to appoint a Lasting Power of Attorney (LPA)?
Along with a Will. or 'Last Will and Testimony' everyone needs an LPA and it is certainly advisable that you select carefully to ensure that whoever you may choose makes the right decisions and follows your wishes this can involve complex planning. You may have thought about appointing this person yourself but you need to be careful, if you do not follow all of the steps correctly your lasting power of attorney could be null and void.
It is very important to seek help from Wills and Probate Lawyers when organising your Lasting Power of Attorney.
What is a Lasting Power of Attorney?
What is a lasting power of attorney? An LPA ensures that, should you be unable to manage your own affairs, the people you have appointed can manage your financial life on your behalf. This can save a great deal of money and distress, and will ensure that, as a vulnerable person, your affairs will be handled correctly and quickly.
There are two types of LPA
A "Property and Financial Affairs" LPA: allows your loved ones to deal with paying your bills, buying and selling your property and managing your bank accounts and investments.
A "Health and Welfare" LPA: covers decisions about health and care and even deciding where you are to live. This can only be used if someone is incapable of dealing with such matters themselves.
Preparing a Lasting Power of Attorney needs to be done when you have the mental capacity. . If the ability to manage your affairs is not in place, and it’s too late, your family will have to make an application to the Court of Protection which is a long and expensive process and at a very difficult time can be overwhelming..
Why you should use a lawyer when making an LPA
As there a different types of LPA’s to choose from and many considerations, it may seem straight forward but there are many traps you could fall in to. It is not straight forward, and the consequences of making a mistake can make your LPA unworkable. Which could be financially straining, difficult and time consuming for your loved ones.
Best advice is both to plan ahead and to use a lawyer when creating an LPA. A lawyer will help advise you on the complexities, the considerations, including different people you should appoint as your attorneys and what they may need to do. They will also ensure that the people you appoint will understand their duties. An attorney will also play a pivotal role in helping nominate attorney replacements, this is vital if your original attorneys can no longer act on your behalf.
A lawyer will ensure all of your wishes are drafted in a manner that considers all possibilities and protects your future for you and your loved ones.
For more information or advice about LPA's, Wills, Trusts and Probate Law contact us on
0203 488 7503 / 01992 236 110
email us legal@walshwestlaw.com
visit our website www.walshwestcca.com