The current situation has highlighted the importance of having planning in place to protect ourselves and our family. This also means that it is more important than ever for us private client professionals to explain the benefits of having a lasting power of attorney (LPA) for our clients. Accidents and incidents can happen at any time regardless of age. By having an LPA in place, it can save families undue stress and expense if they are worried about the health or mental capacity of a relative.
There are two types of LPA, one covering health and welfare and the other covering property and finance.
A health and welfare LPA allows medical decisions to be made about a family member should they become incapacitated because of ill health. A property and financial affairs LPA provides similar permission over property and affairs, such as buying/selling property, managing bank accounts, investments and paying bills.
You can appoint a friend, relative or professional as your attorney. It is important to choose people who you can trust to act in your best interests and it is always a good idea to appoint more than one Attorney to ensure this power is not abused.
If an LPA is not put in place then an application to the Court of Protection is made and a deputy is appointed, which is a lengthy and costly process. Particularly health and welfare deputyship orders are granted very sparingly and are occasionally rejected.
Create an LPA today which provides you with reassurance that should the worst happen, you have chosen someone you trust to make these vital decisions.
Contact us on: Tel: +44 7831 379562 (UK) or +34 622 374 738 (Spain), or email me at firstname.lastname@example.org