Should i set up Lasting Powers of Attorney (LPA’s) now? I feel fine and have no medical issues.
Its not just in old age when you may need powers of attorney in place. Accident, Stroke, Cancer and many more medical conditions, could mean that you lose capacity to make your own decisions and therefore financial accounts and the right for your family to make choices on your behalf could be frozen.
Powers of Attorney must be set up whilst the donor still has capacity. It will be too late if capacity is already lost and then your loved ones will have to apply for a deputyship (which can take nine months and cost thousands of pounds)
Call 01603 927273 to discuss your Power of Attorney requirements.
If you lose capacity, protections are put in place to ensure that you cannot be taken advantage of. Financial Institutions will freeze accounts and medical and care practitioners will not discuss your care. This can cause your loved ones extra stress and upset at an already traumatic time.
Choose trusted family or friends now, who will look after your best interests and reduce the burden on them, at what will be an already upsetting and stressful time.
Let us help guide you through the process of setting up Powers of Attorney, allowing your loved ones to access your finances and speak with health professionals if you become incapacitated or ill. Without Lasting Powers of Attorney in place your loved ones will have to go through a complex and protracted process (up to 9 months) with the court of protection, costing thousands of pounds, which could make things very difficult for a spouse, partner or children.
Setting up a Financial Power of Attorney or a Health and Welfare Power of Attorney allows someone that you trust to act on your behalf should the need arise and would ensure that your loved ones can continue to look after you and your finances. Your chosen person (attorney) can then manage your affairs in your best interests. This could be in the long term or until such time that you are able to take up the reins again yourself.
There are two types of Lasting Powers of Attorney (LPA), both of which The WillMaker can help you with:
A Property and Affairs LPA
This allows your nominated person to: Manage your finances and property
Make sure your bills are paid
Make decisions about your assets, financial investments, property and bank accounts.
A Health and Welfare LPA
This allows your nominated person to: Make decisions about your medical treatment
Decide whether it’s best for you to continue to live at home or if residential care would be more appropriate.
Speak with care providers and medical practitioners and make end of life decisions
If you haven’t set up your Financial Power of Attorney or Health and Welfare Power of Attorney, your loved ones may have to pay out a lot of money on your behalf. The Court of Protection would have to appoint a deputy to manage your affairs, which is both time-consuming and costly.
A Lasting Power of Attorney will avoid the distress of a delay and also preserve your assets to pay for the care you may need in the future.
With The Will Maker, setting up a Power of Attorney is a straightforward process. Simply call us on 01603 927273 and we can give you more details or leave your details by clicking the button below.