Shelley explains a little bit more about a Lasting Power of Attorney
We all know the importance of making a will but what about if you became unable to manage your affairs yourself, whilst you are still alive? For example if you were suddenly taken ill and left physically or mentally incapacitated, your family would not automatically have the legal authority to deal with your affairs, such as your investments, banks accounts, your house or even your business. (click on the image to link to video)
If this were to happen and there was no LPA in place, an application must be made to the Court of Protection to appoint a "Deputy" to manage your affairs. This process is costly and can take many months.
By making an LPA now, whilst you are fit and able, not only can you choose who should deal with your affairs (rather than the Court deciding) but it means that, should the worst happen, the LPA is in place and ready for use.
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