Lasting Power of Attorney
A powerful legal document that enables an Attorney to act on behalf of the Donor in the event that he/ she has lost mental capacity. There are two types of LPA, Property & Finance, and Health & Welfare.
An LPA is a must have a legal document, as is a Will; This is because life can bring unexpected situations and if the worst happens you may lose your mental capacity.
If this is the case and you don’t have an LPA in place your assets may be frozen. This could leave any dependents vulnerable to financial struggle and without the ability to change the situation. However, if you have planned properly and you have LPAs, this could be stopped and your Attorney could ensure that your dependents continue to receive the financial aid you were previously providing them. The LPA could also ensure that you receive the healthcare you wished for during a very difficult time. In the worst case event a Health & Welfare LPA, gives the Donor the ability to make life or death decisions, which a doctor might not be able to do for professional liability reasons.
Whoever you are, having a Lasting Power of Attorney in place is simply good planning. It is a responsible move and best initiated as early as possible to mitigate the effects of a worst case event.
Old Bray Estate Planning differ from a typical solicitor in that we provide a capped fee for our services and are able to advice across legals, financial planning and tax in conjunction with our key partners. Putting together an estate plan can help with managing inheritance tax, probate, legacy & bloodline planning, divorce, marriage after death and reducing the cost of care home fees.
For more information, please get in touch.