Making a Will is the only way to ensure that your wishes are carried out after your death.
Trust in a Will offers you and your family protection and tax efficiency.
Having a Lasting power of Attorney in place ensures that your financial affairs and personal welfare are in safe hands.
LPA allows your loved ones to deal with paying your bills, buying and selling property, managing your bank accounts and investments.
LPA covers decisions about health and care. This can only be used if someone is incapable of dealing with such matters themselves.
Once you have a Lasting Power of Attorney in place you can have peace of mind that there is someone you trust to look after your affairs if you became unable to do so yourself during your lifetime. This may occur, for example, because of an illness or old age or an accident.
Without a Lasting Power of Attorney (LPA) in place there is no one with the legal authority to manage your affairs, for example, to access bank accounts or investments in your name or buy/sell your property on your behalf. Unfortunately, many people assume that their spouse, partner or children will just be able to take care of things but the reality is that simply isn’t the case.
In these circumstances, in order for someone to obtain legal authority over your affairs, that person would need to apply to the Court of Protection and the Court will decide on the person to be appointed to manage your affairs. The person chosen is appointed your ‘Deputy’. This is a very different type of appointment which is significantly more involved and costly than being appointed attorney under a LPA.
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