Appropriating provisions for your inheritance or estate and the cost of your care as early as you can is a part of good estate planning. Too many people neglect or forget to ensure that their financial affairs are in good hands in case they lose mental capacity to manage their assets on their own in the future. This is where a lasting power of attorney financial affairs is extremely important.
A lasting power of attorney or LPA is a type of legal provision that enables individuals to protect their best interests and wishes should they lose the mental capacity to decide for themselves in the future. The person or the people that you nominate (attorneys) will act on your behalf and take care of your decisions in line with your own personal wishes. A lasting power of attorney ascertains that the very people you trust and know will be the ones to look after your welfare as well as your assets come the time you are unable to make such decisions for yourself. Without a lasting power of attorney financial affairs, you and your closest family or loved ones will relinquish control over how your finances should be used. A lasting power of attorney for property and financial affairs keeps you from losing access to your assets and finances.
With a lasting power of attorney financial affairs, you can nominate a person to trust the care of your assets to. Their responsibilities would typically include managing your bank accounts, including your current accounts as well as your savings and building society accounts; paying your bills; collecting and managing payments and benefits, such as your pension; and selling or buying properties and other assets. With the level of responsibility that a lasting power of attorney gives, it is critical that you choose and appoint someone knowledgeable and trustworthy enough to act on your behalf.
MVL Wills and Trusts of Battle, East Sussex, can help you with their vast knowledge about 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.
