While leaving a will assures that our affairs are handled when we pass away, not everyone anticipates what will occur if they are unable to manage their affairs during their lifetime. We are living much longer as a generation, and it is plausible that you will someday be unable to maintain your financial affairs and welfare.
In this post, we’ll look at why you should make a Lasting Power of Attorney (LPA) and how our knowledgeable team can help.
If your mental state, a brain injury, or physical injury renders you unable to handle your own affairs and financial well-being, you can choose someone to act as your legal representative through an LPA. If you are unable to communicate your wishes, you will be represented by this attorney.
There are two types of LPA:
A separate LPA for property and financial affairs can be created by a business owner to appoint an attorney to make business decisions if they lose mental capacity. For their personal property and financial concerns, they can still create an LPA.
You can appoint one or more attorneys to operate on your behalf:
“Jointly” — they must always make decisions as a group.
“Jointly and severally” — they must make certain decisions as a group and others on their own.
You can, for example, select attorneys to act jointly while making financial decisions, but only one attorney can decide where you should live.
You have the right to require your attorneys to work together on all of your matters.
LPAs for property and financial affairs allow you to designate someone to help you make decisions about your finances, taxes, and asset purchases and sales. These attorneys can assist you at your discretion while you have the capacity and continue if capacity is lost.
As a property and financial affairs attorney, you make (or assist the donor in making) decisions about:
You can spend the donor’s money to care for their home and purchase everything they require on a daily basis.
This applies to health and care decisions and can only be employed once mental ability has been lost. In general, an attorney can make decisions about issues like:
If you’re married or in a civil partnership, you may have expected that if you become incapacitated, your spouse would automatically be able to manage your bank account and pensions, as well as make healthcare decisions for you. This isn’t the case at all. They won’t be able to do anything without an LPA.
Aside from having control over who manages your affairs in the event you become incapacitated, LPAs provide a slew of other advantages.
You should not put off thinking about your future interests. Through our private client services, Black Norman can provide peace of mind to you, your business partners, and your loved ones. To learn more about Lasting Power of Attorney or to schedule a consultation with one of our specialists, please contact us on 0330 016 7847 or fill in our contact form, and we’ll be in touch as soon as possible.