Date: March 2020
Who will manage your affairs if you lose mental or physical capacity? Who will make decisions on your behalf, control your assets and organise your care?
Instead of preparing while we are fit enough to, many of us choose to put off dealing with such unwanted eventualities until the inevitable happens and by then, it's too late.
In the event that you are unable to make decisions for yourself due to mental or physical incapacity, Lasting Power of Attorney (LPA) gives someone you trust – such as a relative or a friend – the power to make decisions on your behalf. Without it, all decisions will have to made through a lengthy, costly and highly restrictive court process and you still may not get what you want.
There are two types of LPA for you to choose from or you can have both:
Property and Financial Affairs LPA – This type of LPA gives your attorney the authority to deal with buying and selling your property, your bills, bank accounts and investments. This can be used while someone is still capable but has chosen to delegate to their attorney.
Personal Welfare LPA – This LPA can only be used when you have lost capacity and are unable to make decisions for yourself. It gives someone you trust authority to make decisions about where you should live and what medical treatment you should receive.
When estate planning, it is important that you can rely on the adviser that you choose to put your trust in. Oracle Estate Planning offers a friendly and professional estate planning service, including Will Writing, LPAs, Trusts and Funeral Plans. We offer a confidential, reliable and professional service that will give you the best possible advice at the time you need it most.
So, don't leave it too late – to arrange an informal chat or meeting, which can be held at our offices or in the comfort of your home, or for any further information or advice, please feel free to contact me on 01702 393838.
by Clive Rowe
Oracle Estate Planning
in association with Countrywide SE LLP