Lasting Power of Attorney

Unfortunately, life is unpredictable, and sometimes we may be unable to make decisions or handle our affairs due to physical or mental incapacity. This is where lasting power of attorney comes in.

A Lasting Power of Attorney is a legal document that allows someone to make decisions on your behalf if you become unable to do so. It is a critical aspect of estate planning and provides protection and assurance to individuals and their loved ones.

There are two types of Lasting Power of Attorney: Property and Financial Affairs and Health and Welfare.

Property and Financial Affairs Lasting Power of Attorney allows your appointed attorney to manage your finances, such as paying bills, managing bank accounts, and selling or buying property. On the other hand, health and welfare Lasting Power of Attorney gives your appointed attorney the power to make decisions about your healthcare, treatment, and living arrangements.

It is essential to choose someone you trust as your attorney(s), as they will have significant responsibility and power over your life, when the Lasting Power of Attorney's come into force. Furthermore, it is crucial to include specific instructions about your preferences and wishes in the document to ensure they are upheld.

Many people put off creating a Lasting Power of Attorney because they believe they do not need it at the moment. However, it is better to have the registered document in place in case of emergencies or unexpected circumstances. Waiting until it is too late can be costly and time-consuming, as it may require an application to the Court of Protection for a deputy to be appointed.

In conclusion, a Lasting Power of Attorney is a critical tool for securing your future and providing peace of mind to your loved ones. It not only ensures your wishes are met but also prevents legal battles and disputes among family members. So, take the time to discuss and plan with your family and seek advice to set up a Lasting Power of Attorney.

It is sensible, financial planning.