Accessing someone’s finances if they become incapacitated or ill is a complex and lengthy process, which could make things very difficult for a spouse, partner or children. Bills could go unpaid and if cash is needed for any purpose it would be inaccessible.
Setting up an LPA (Lasting Power of Attorney) allows someone that you trust to act on your behalf should the need arise. Your chosen person can then manage your affairs in your best interests. This could be in the long term or until such a time that you are to take up the reins again yourself.
The Two Types of LPA’s
Health & Welfare
- Make decisions about your medical treatments
- Decide whether its best for you to continue to live at home or whether residential care would be more appropriate
A Property and Affairs LPA
- Allows the nominated person to manage your finances and property
- Make sure your bills are paid
- Make decisions about your assets
If you haven’t set up and LPA, your loved ones may have to pay out a lot of money on your behalf; the Court of Protection would have to appoint a deputy to manage your affairs, which is both time-consuming and costly.
An LPA avoids the distress and delay and also preserves your assets to pay for the care you may need in the future.
We say, keep it Simple with advice from Safe Heritage