What are Property and Financial Lasting Powers of Attorney?
If you’re worried about losing the capacity to deal with your property and financial affairs, Lasting Powers of Attorney can give you peace of mind. A Lasting Power of Attorney is a legally binding document that enables you to nominate a trusted person or people – such as your spouse, partner or child – to step in and make decisions on your behalf if you become mentally or physically incapable of dealing with them on your own. They ensure your loved ones don’t face any difficulties in getting the authority to deal with your matters in the future.
They allow them to do anything you’d typically be able to do, including paying your household bills and personal expenses, managing your bank or savings account, receiving income, benefits or a pension on your behalf and, if necessary, selling your property. Without them, these decisions may be taken in your best interests by a local authority or the Government and may go against your own – or your loved ones’ – wishes. Lasting Powers of Attorney are complex, and there are many legal and financial implications to consider. So, for expert advice and guidance, get in touch today to see how we can help.
Why do I need Lasting Powers of Attorney?
Many families don’t have a strategy to deal with a loved one who no longer has the mental or physical capacity to deal with their property and financial affairs. When this happens, the only solution is to get the courts involved, which can be messy, complicated and expensive.
Setting up Property and Financial Lasting Powers of Attorney will give the people you love and trust the most the authority to deal with these things on your behalf. With Lasting Powers of Attorney, your loved ones will be authorised to pay your bills, manage your bank or building society account, communicate with businesses you buy products and services from, and sell your home or other property. However, to safeguard your financial interests, restrictions can be placed on what your nominated Attorneys can and can’t do.
Benefits of Property and Financial Lasting Powers of Attorney
Property and Financial Lasting Powers of Attorney could help ensure your financial affairs are being taken care of in your best interests if you were to lose your mental capacity. However, they can also help you deal with financial or property issues if you become physically incapable of sorting them yourself. If you suffer an accident or illness which makes you housebound, it might not be possible to get to the bank, pay bills in person or go shopping.
If you are hard of hearing or don’t have internet access, you may struggle to deal with companies on the phone, online or by email. And if you have a condition like Arthritis, you may not be able to sign your name and need someone to do it on your behalf. Property and Financial Lasting Powers of Attorney can help solve all these problems and more. Get in touch today to find out how we can help.
Let King Will’s Wills create your Lasting Powers of Attorney
At King Will’s Wills, we believe the process of creating Lasting Powers of Attorney should be as simple, straightforward and pain-free as possible. We’ll explain every stage of the process in simple terms and plain English to ensure you understand how Lasting Powers of Attorney are created and what they will help you to achieve. We’ll also ensure that your Lasting Powers of Attorney are legally compliant and protect your estate in accordance with your wishes so that when the time comes, it will avoid any additional stress, hassle or inconvenience for your loved ones.
We provide a simple, straightforward and affordable service with a personal touch that doesn’t compromise on quality. We’ll meet with you at your convenience, online or in-person, during evenings or at weekends. All our fees are fixed and quoted up-front, so there are no surprises later, and our work is fully insured. To make a start, give us a call today.