Protect Your Wealth

In the last few months, I have had a significant increase in clients asking me what a Lasting Power of Attorney is. This month, therefore, a short run-through of this and (hopefully) you’ll be better informed at the end of the article.

We are living longer, but not always in perfect health. Around 1 in 3 of us will develop dementia, but anyone may suffer a stroke, accident or serious illness which can take away the ability to make our own decisions without notice. How would your family cope in these circumstances?

A Lasting Power of Attorney (LPA) is a legal document allowing you to appoint one or more people (Attorneys) to act for you in the event of you being unable to act for yourself. Once appointed, your Attorneys are empowered to make decisions on your behalf and act in your best interests.

by Michael Fogg

You can only make a Lasting Power of Attorney whilst you have mental capacity, allowing you to make arrangements now for the possibility that you may lose mental capacity in future.

There are two types of Lasting Power of Attorney. You can choose to have one or both types of power which are:

Property and Financial Affairs

As its name suggests, this LPA deals with issues involving your money, accessing your bank account, paying bills and if necessary, the sale or management of your property.

Health and Welfare

The Health and Welfare LPA deals with issues involving your medical, welfare and care needs. This may include the selection of a care home and the type of medical treatment you receive including, should you so wish, the ability to consent to or refuse life sustaining treatment.

A Lasting Power of Attorney is a powerful and important document that you must give very careful consideration to how it is prepared and when it may be used. Mental incapacity can strike at any time, so make sure you are prepared and give your family the peace of mind that arrangements are in place should this happen to you.

If you would like to discuss the issue, please get in touch on 029 2021 1693, by emailing TrustingWillpower@outlook.com, or by visiting our website: www.TrustingWillpower.co.uk