The Importance of Having a Lasting Power of Attorney UK
At Wise Will and Trusts, we take the stress out of arranging Lasting Power of Attorney to help our clients create a better and more secure financial future.
While drawing up a will is an important thing to do, creating a Lasting Power of Attorney can also be equally so. That’s because it enables one or more people to be nominated as being able to make key decisions about your financial and personal affairs. In the event that you lose your physical and mental capacity to decide things for yourself, this important legal document allows you to put your affairs in the hands of someone you trust. It’s also something that allows your next of kin to legally decide how your estate is distributed upon your passing.
When filling out your Lasting Power of Attorney forms, you can create legally-binding instructions relating to your general wishes that are used to guide future decisions. It’s only possible to create a Lasting Power of Attorney when you have the mental capacity to understand what it is you’re signing – that unless a Deputyship Order is applied for by your next of kin. There are two main areas of your affairs that are governed by a Lasting Power Attorney.
1. Health and Welfare
which relates to decisions around the type of care you require, who it is provided by and where it is provided. However, perhaps the most important decision they might ultimately have to make is whether to continue life-sustaining treatment if and when the time came.
2. Property & Financial
which allows your nominated person to deal with paying bills, managing your property assets and making investment decisions.
All of the key decisions relating to the most important aspects of your life – that you would normally make for yourself – will be taken care of by the person who has your lasting power of attorney and it is typically a job left to a close family member.
The Benefits of Creating a Lasting Power of Attorney
There are a number of advantages to appointing a close family member or next of kin to deal with your affairs when you are unable to:
1. It’s an affordable way to take care of what can be a complex arrangement
2. It gives you the peace of mind that the best decisions are made regarding your personal welfare and finances
3. It leaves these decisions in the hands of your next of kin and uninfluenced by local authorities
What is Lasting Power of Attorney and Why Do I Need it?
- The wisdom of having a Last Power of Attorney would become all-too apparent to your relatives if you lost your mental capacity to take care of your affairs and didn’t have one in place. The alternative is to get the courts to appoint a person to be your deputy attorney, however, this has been known to take up to a year to be put into place.
- Meanwhile, your loved ones may have their assets frozen the whole time and this is likely to lead to the kind of financial hardship that you just wouldn’t want your loved ones to go through. Not only that, but the powers of a deputy attorney are quite limited and the court route can be very expensive – which is the last thing they need if they are already finding it difficult to make ends meet.
- No one would knowingly put their loved ones through this kind of trauma and setting up a Lasting Power of Attorney is very simple in comparison to the alternative. It’s a very sensible move for anyone looking to secure the financial and emotional future of those close to them and well worth the lasting power of attorney fees that are involved.
Talk to Our Experts Today
You should see us as your official lasting power of attorney guide, as we have the legal knowhow to help navigate you through what can be a complex and confusing process. So, if you’re interested in enjoying the benefits of our legal services or you’d like to arrange a Lasting Power of Attorney for yourself via a personal face-to-face video consultation, call the Wise Will and Trusts team today on 01491598005 and we’ll do our utmost to help make the whole process simple and stress-free.
We look forward to taking your call and helping you with your legal services needs.