Life can be unpredictable. Wills 4 Less Lasting Power of AttorneyA LPA is a legal document that allows you as a 'donor' to select someone you trust to make decisions on your behalf, should you find yourself unable to do so.
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It’s a question most people don’t think to ask until it’s too late. Life happens a car accident, health problem or the natural aging process can mean that at any moment someone may be unable to handle their own money.
And it is at such times that a Lasting Power of Attorney (LPA) for property and financial affairs can save your loved ones months (or even years) of legal nightmares. Seeking professional guidance, such as through Lasting Power of Attorney Services Wills 4 Less, can make the process easier and ensure everything is set up correctly.
What is an Lasting Power of Attorney (LPA) for Property and Financial Affairs?
A Lasting Power of Attorney for Property and Financial Affairs is a legal document that enables you to appoint somebody to make decisions about your money and property for you (this person is called an “attorney”). It involves handling bank accounts, paying bills, maintaining or selling your property and other aspects of your financial life.
The LPA (Property and Financial Affairs) provides your appointed attorney legal standing to act in your best interests if, one day, you were not able to do so, through ill health, from an accident or as a consequence of incapacity. It’s a vital document that can help safeguard your assets and ensure a smooth resolution of your financial affairs.
Many people mistakenly believe that their spouse or children can “step in” if they are incapacitated — it is not that simple, legally speaking. Without an LPA, your family members may have to go through a prolonged and expensive court procedure to get the authority to handle your finances.
The following are real-life issues we hear about from clients at Will 4 Less:
“What if I get dementia-will anyone pay my bills?”
“I have recently been diagnosed with a chronic illness. How do I buffer my family from legal stress?”
“My mom is getting old and making bad decisions—is there any way that I can help her with her finances legally?”
Lasting power of attorney means peace of mind that you know and trust who is in charge, not a stranger or court-appointed deputy. It’s not just for the elderly — it’s for anyone who wants to work ahead.
Plenty of people assume their spouse or some other family member automatically gains the ability to deal with their finances if something happens but not so. If you don’t there will be a Lasting Power of Attorney – No one else has the authority to become your attorney and the Court of Protection will step in. It can all be quite time consuming, expensive, and emotionally exhausting.
Here’s the scenario: You have a stroke and you suddenly can’t communicate or make decisions. Your roommate’s partner attempts to pay your bills or your mortgage from your bank account, but is refused. Your savings are locked down, direct debits bounce, and debt collectors begin calling. All this stress could have been avoided if a Lasting Power of Attorney had been in place.
When can you use a Lasting Power of Attorney for Property and Financial Affairs?
The simple answer is now. The age you prepare your Lasting Power of Attorney will determine the options you have available to you and how much risk you have if your situation takes an unexpected tur n.
Can you really afford to lose capacity because of a stroke, serious accident or due to dementia with no Lasting Power of Attorney in place? Your family members may be unable to access bank accounts together, pay bills or make important financial decisions on your behalf.
If it does, having planned ahead gives them the legal authority necessary to protect your financial well-being without being delayed by the court process.
Selecting the right individual to serve as your attorney is critical. You want someone who:
You can name more than one attorney and even an alternative, if need be. You can also provide them instruction or limitations in the document itself.
At Will 4 Less, we assist you in considering these decisions thoughtfully and objectively.
I’m young and healthy — do I really need an LPA?
Life is unpredictable. It’s hard to say what could potentially happen down the line. Making an LPA for Property and Financial Affairs now means if the unprecedented happens, your finances will be in the hands of someone you trust, rather than in the control of the courts.
How much does it cost?
The expense of creating an LPA is modest in relation to the potential cost of going to court at a later stage and the potential time and stress it could take. Here at Will 4 Less, we provide cost-effective options for creating and LPA, allowing you to rest easy without having to spend a fortune.
What if I change my mind?
There are times if you have a Lasting Power of Attorney when you can change your mind and you can cancel it or make changes as long as you still have mental capacity.
May I have more than one attorney?
Yes, you can appoint more than one attorney. You have the choice if you want them to act together or act separate. It may also be possible to have backup attorneys who can serve if your first pick cannot.
Here at Will 4 Less, we appreciate the process of making a Lasting Power of Attorney can be emotional. Our team:
We believe that everyone is entitled to peace of mind without the burden of cost.
Are You Prepared to Safeguard Your Financial Future?
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