Most of us know that we need a Will but fewer realise that we also need a Lasting Power of Attorney in place too.
A Lasting Power of Attorney (LPA) gives another person legal authority to look after your affairs. There are 3 types:
- A property and financial affairs LPA allows another person to make decisions for you about money matters such as buying and selling your property, bank accounts, investments, paying bills;
- A personal welfare LPA allows another person to make decisions about your healthcare;
- A business LPA to protect your business against an individual losing capacity.
The unexpected can happen to anyone and if you became incapacitated through illness or an accident, who would you want to make decisions on your behalf?
Without a LPA in place you would have no choice in the matter and your family may face up to 12 months of legal wrangling and thousands of pounds in court costs to gain control of your affairs.
By 2025, the Alzheimer’s Society predicts that more than 1 million people in the UK will have dementia. If you own a business, it is imperative that you consider arranging a business LPA to enable your business to continue if you became incapacitated.
We realise that everyone knows they ought to put the above affairs in order, but most of us never get round to it because we’re too busy. For further information go to www.protectourassets.co.uk