Financially smart people take the time to make the appropriate provisions not only for their inheritance but also for the cost of their future care, in the event that they lose the mental capacity to make their own decisions.
Ensuring that your properties and assets — as well as other financial affairs, such as the cost of your care — are in safe and capable hands is a critical financial planning strategy. A lasting power of attorney gives your attorney the power to make such decisions for you should you be rendered unable to make your own in the future.
The legal provisions of a lasting power of attorney will enable you to protect your best interests as well as your personal wishes should you decrease in mental capacity or lose your capability to make sound judgements altogether. With this document, you give the person or the people that you nominated to be your attorneys the power to take care of important property and financial provisions for you, considering your personal wishes. This allows you to put people that you trust and know in charge of the management of your assets and finances, once the time comes that you are unable to do it for yourself. Without an LPA, you relinquish control of your wealth to the courts — and you and your family may even lose access to your assets.
Apart from managing your properties, your appointed attorney will also have a say on your financial affairs and will be responsible for managing your bank accounts (these include your savings and current accounts), paying your bills, selling or buying property and assets, as well as collecting and managing your payments such as your pensions and other benefits. LPA for property and financial affairs entails high levels of responsibility, which is why it is critical that you choose an attorney that you can fully trust to act in your best interest.
MVL Wills and Trusts of Battle, East Sussex, can help you with their advice and skills when it comes to lasting power of attorney, and financial affairs. A consultation is free and can be held at our offices or in the comfort of your own home. Call 01424 577070 or email info@mvlwillsandtrusts.co.uk for an appointment.
