It is important to consider what would happen in the future if you no longer had the mental capacity or physical ability to look after your own affairs. Creating a Lasting Power of Attorney will provide you with the assurance that if the worst does happen your affairs can easily be looked after.
It is a popular misconception that your spouse or children will be able to assist you with your financial affairs automatically. This is not the case. If a Lasting Power of Attorney has not been made, any Accounts or investments that are in your sole name would be inaccessible without a Court Order from the Court of Protection, which can be time consuming and costly to obtain.
There are two types of Lasting Power of Attorney, the first is the Lasting Power of Attorney for Property and Financial Affairs. This allows you to nominate Attorneys to assist with the management of your financial affairs. It will allow your Attorneys to undertake such tasks as collecting your Pension, paying bills, dealing with your Bank or Building Society Account, completing your Tax Return or buying or selling property.
The second type of Lasting Power of Attorney is in relation to Health and Welfare. This allows your Attorneys to assist you in any care or health related decisions that may be needed in the future. It will allow your Attorneys to direct where you should be cared for and how and it gives your Attorneys the authority to consent or refuse life sustaining treatment on your behalf if you so direct.
For further information please contact our Private Client Department at MKB Solicitors LLP on 01226 210 000.