Property & Finance Lasting Power of Attorney
Have you Considered Making a Property & Finance Lasting Power of Attorney?
As the UK’s ageing population increases, so does the risk of loss of capacity. As much as it is an unpleasant thought and is perhaps a difficult situation to consider, it could prevent a lot of future stress and worry. Making a Property & Finance Lasting Power of Attorney protects you from any potential financial or property problems you could face. It does not matter what stage of life you are at, it is important for you to make one as nobody can predict the future; as long as you are over the age of 18 and have mental capacity (the able to make your own decisions) you are liable to make a Lasting Power of Attorney. If you have been diagnosed with, or think you might develop, an illness which might prevent you from making decisions for yourself in the foreseeable future, then you should definitely be making a Property & Finance Lasting Power of Attorney.
When does someone lack mental capacity?
It is vital to know if somebody has the mental capacity to make a decision as this affects the responsibility you have for dealing with their affairs. If someone can make a decision for themselves, they can be said to have the mental capacity to make that decision. If they are not able to make a decision because of some form of mental disability, they are described as lacking the mental capacity to make that decision. This disability can either be a temporary or permanent situation, and can be caused by a number of different reasons, such as: a stroke, brain injury, dementia, side effects of medical treatment, alcohol or drug misuse, or any other illness or disability.
Setting up a Lasting Power of Attorney allows you to authorise someone you trust to administer your financial responsibilities on your behalf, things such as: paying bills, selling property, collecting benefits or a pension, managing investments, and running your business. These aspects are monumentally significant in your life and so leaving them without any plans or arrangements in place can be detrimental to your finances.
Sometimes it can be difficult to work out whether someone has the mental capacity to make a
decision, but there are guidelines. Someone is unable to make a decision if they cannot: understand the information needed to help them make the decision, remember that information, or communicate their decision in any way. You can find out more information at www.mentalhealth.org.uk
There are several important questions you need to ask about your financial priorities:
As a business owner, do you know who would make decisions on your behalf?
If you own property with someone else, what would happen if they lost capacity?
Would you be happy to let a stranger make decisions for you if you were ill?
You can use a Property and Financial Affairs Lasting Power of Attorney to give a nominated person the power to make decisions about money and property for you. It can give power for an attorney to deal with all your financial and property affairs, or it can just give power for certain things (such as changing investments or operating your bank account). It can be used as soon as it is registered, with your permission. If you want to make a Lasting Power of Attorney which only deals with certain matters, it needs to be drawn up very carefully so that the attorney is clear about what authority they possess and what this authority is for. At Will Protect we will ensure that your Lasting Power of Attorney is tailored to you; with all your wants and needs cared for.
A Property & Finance Lasting Power of Attorney is a powerful document; it must be set up with someone you can totally trust with your assets: be it a friend, family member, or spouse. It is vital that this document is created by an expert who knows exactly what they are doing. By establishing a Property & Finance Power of Attorney in advance, means that you choose who makes those vital decisions for you rather than leaving it to chance or other people. So if the worst were to happen, you can be assured that both your property and financial affairs are in safe hands.
“managing and protecting your wealth for future generations”