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| Lasting Powers of Attorney |
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From the 1st October 2007 the Enduring Power of Attorney (EPA) became the Lasting Power of Attorney.
The Lasting Power of Attorney is more powerful and has more safeguards built in than the EPA.
The introduction of the Lasting Power of Attorney meant that not only will the Power look after your property and affairs but you can appoint someone to look after your personal welfare.
Everyone who makes a Will should also make a Lasting Power of Attorney.
A Lasting Power of Attorney is a document that you sign to appoint someone to act for you should you for any reason become unable to manage your own affairs. It is a powerful document.
While a Will ensures that your Estate is distributed according to your wishes when you die, a Lasting Power of Attorney protects your assets by authorising someone chosen by you to deal with your affairs on your behalf should you become unable to manage these yourself whilst you are alive.
If you do not have a Lasting Power of Attorney and if for any reason you suddenly become unable to manage your affairs, for example:-
- You suffer an accident or are confined to bed or are in hospital.
- You suffer a more serious accident which permanently incapacitates you.
- You become mentally incapacitated as a result of old age or for some other reason.
The only way that your affairs can be managed is by an application to the Court of Protection. This can take several months and cost up to £1,000 to process – during which time your finances could be damaged. The person authorised to handle your affairs on your behalf is not only unlikely to be the person who you would have chosen, but may even be a Court official who will charge every time they act for you.
If you have a Lasting Power of Attorney, your chosen representative can act for you straightaway if you become unable to handle your own affairs, or within a few weeks if mentally incapacitated.
You must be mentally capable at the time of making the LPA. Therefore as in a Will, if you don’t have one then by the time you really need one it will be too late.
Should you require an LPA or any further assistance then please contact us or call us on freephone 0800 034 1587.
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