Q. What will happen if you can’t manage your own financial affairs due to accident or illness? A. Joint assets (including bank accounts) can be frozen and property can not be sold, leaving loved ones extremely vulnerable.
Q. So what would your family need to do? A. A lengthy, costly and intrusive court process will follow. In the interim, your spouse/family may be left in limbo, without access to funds whilst the bills pile up.
Q. What is the solution? A. By planning for such scenarios in advance, you can put the appropriate legal measures in place to have your spouse/family take over the running of your affairs with minimum fuss, expense and delay. The simple step of creating a Lasting Power of Attorney will save time and money and will allow you to appoint those you trust to help at a time of need.
“We all know how important it is to plan for the future. Having a Lasting Power of Attorney (LPA)…in place should be as common and natural as making a Will. It ensures that a person of your choosing will be able to manage your affairs should you lose capacity, be it as a result of dementia, mental illness or an accident.” Jack Straw, former Lord Chancellor and Secretary of State for Justice
There are two different types of Lasting Power of Attorney which are to be used in different situations:
Property and Financial Affairs Lasting Power of Attorney This allows you to nominate trusted family/friends to act on your behalf in relation to your financial matters, paying bills etc.
Health and Welfare Lasting Power of Attorney
This allows you to appoint trusted family/friends to make decisions on your behalf regarding your care and day to day wellbeing in the event of mental incapacity.
Compass Wills are proud to be associated with and support The Dementia Friends initiative. To find out more visit the Dementia friends website.