A Lasting Power of Attorney (LPA) is a very beneficial legal document. It is usually seen as the final piece of the process in planning for the future and protecting your estate.
Through this legal document, you can appoint whom you wish to manage your affairs and estate should you become mentally incapable of managing them yourself.
If a Lasting Powers of Attorney has not been drawn up, joint assets can be frozen while your family applies to the Court of Protection for a procedure known as receivership. This is an expensive and cumbersome process. It can cause distress and uncertainty for your loved ones.
There are two kinds of Lasting Powers of Attorney. One deals with your property and financial affairs and one deals with your health and welfare. You can choose to have either or both.
The former would enable your Attorneys to do things like draw your pension, pay your bills or sell your property on your behalf. The latter would enable your Attorneys to make decisions such as what sort of care you receive. This type of LPA can only be used should you lose the mental capacity to make these decisions for yourself. It is important to stress that both types of LPA must be registered by the Office of the Public Guardian before they can be used by your Attorneys.
Contact us for further information; we would be delighted to help.
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