Lasting Powers Of Attorney Warrington
Warrington Lasting Powers of Attorney – why are they so important?
When it comes to managing your affairs, the first document you should have is a lasting power of attorney (LPA).
The law simply states that should you lose capacity due to illness or injury, then your affairs will be managed by the court under a deputyship order. This is expensive and time-consuming for the family and effectively you have lost control of your own affairs. Imagine not being able to renew car or home insurance, your loved ones being able to pay bills, or indeed get an income from your bank.
Warrington Lasting Powers Of Attorney
As we get older it is far more likely that we may well lose the ability to manage our own affairs at some stage.
A Warrington Lasting Power of Attorney allows you to choose who you would want to manage your affairs.
A lasting power of attorney allows the person you appoint (attorney) to become you in law. They can make decisions on your property and affairs and also on your health and welfare decisions.
Most people think that joint bank accounts will be okay to reduce this risk. That’s wrong. Once a bank or financial institution becomes aware you have lost capacity your assets are frozen and will not be able to be used by your spouse/partner.
If you run your own business, it’s even more important you have this document, to ensure your business runs without a hitch whilst you recover. The impact could be severe and the stress it puts on your family whilst you are unwell cannot be overlooked.
How would you feel if you lost control of your own affairs and your family had to apply to court to get control?
Who would look after your personal affairs if you weren’t able to?”
How would you feel if you became a burden on your loved ones?
The UK Government would like all adults to have a registered lasting power of attorney to ensure families can look after their own affairs. We believe it’s the first document you should have in your estate planning library.