LASTING POWER OF ATTORNEY
We are now living longer than ever before and, as a consequence, the probability of us losing capacity at some point, whether through dementia, illness or accident is far more likely and could mean problems for us and our loved ones.
- Loss of mobility or illness can make it difficult to manage our affairs.
- The prospect of unpaid bills can cause unnecessary stress and anxiety and delay someone’s recovery.
- An elderly relative losing capacity is difficult enough for loved ones to deal with, without the added worry that finances are becoming muddled.
- Even the young can encounter problems due to accident or illness.
What If I Am Unable To Manage My Affairs?
Young or old there may come a time in our life when we are unable to manage our financial affairs or personal welfare, owing to some form of incapacity and we will need someone to act on our behalf.
It can be invaluable having a reliable person already in place, who is able to manage our personal affairs and remove the anxiety of having unpaid bills, at a time when we most need peace of mind.
Creating a Lasting Power of Attorney (LPA) in advance ensures that if the worst were to happen, we can rest assured that both our financial affairs and personal welfare are in safe hands.
There are 2 types of LPA looking after our:
- Health and Welfare, and
- Property and Finance
These are fast becoming one of the most important pieces of documentation you can put in place but anyone wishing to create an LPA must have the mental capacity to do so when it is made. Timing is therefore crucial.
If you have any questions or if you'd like to talk to someone about Power Of Attorney, please get in touch.