Choose somebody you trust if you were to lose capacity or no longer wish to manage your financial affairs anymore
A common misconception is that Lasting Powers of Attorney are for elderly people, however, the capacity to manage you own affairs can be lost for many reasons, such as a sudden accident, or a medical condition.
There are two types of Lasting Powers of Attorney:
Allows you to give someone you trust the legal power to make decisions on your behalf, in case you later become unable to make decisions for yourself
Giving someone the authority to deal with and make decisions about things like: buying or selling property, managing your money and other financial accounts. welfare benefits or tax credits Nobody wants to consider the fact they may have to go into Care. It is the hope we can stay in our homes as long as possible, however, this is not real life for many people. When someone needs to enter care, they are automatically means tested and all capital assets are considered, including a home property. We can offer advice to protect your home, to ensure it passes on to who you wish. When should you make yours? The short answer is, “now, while you still have mental capacity”. Mental capacity can be lost at any time and not just by a mental illness such as dementia. Not having one can put huge strain on your family and your wishes may not be carried as you would have wanted. It can also be extremely costly legal journey to get attorneys in place, once you have already lost capacity.
Useful links to our financial partners
Sorbus Finance | The Leasehub | BusinessWise Accountancy | BusinessWise Consultancy