Wealth Planning & Mental Health
What is a Lasting Power of Attorney?
Lasting Powers of Attorney (LPAs) are incredibly important in the UK, as they enable you to make arrangements for someone else to manage your affairs if you're no longer able to. This means that if you become mentally incapable of making decisions due to an illness or accident, a trusted person can make those decisions on your behalf. LPAs can cover decisions relating to your finances and property, healthcare, and welfare. It's important that you set up an LPA while you're still mentally able, as it can be too late once you become incapacitated. Making sure that someone you trust can manage your affairs is the best way to ensure that your wishes are respected if something unexpected
What Are The Potential Risks You and Your Family Face, Without Having These Instruments In Place?
Without a Lasting Power of Attorney, uou put your family and loved ones in a very disturbing predicament
Peace of Mind over Your Financial & Medical Affairs
By having an LPA in place, an individual can maintain control over their life and ensure that their wishes are adhered to, even in the event of a mental incapacity. It is essential to consult with a legal professional when drafting an LPA to ensure that it is comprehensive and tailored to the individual's needs.
“Lasting Power of Attorney More Important Than A Will”??
Martin Lewis, Money Savings Expert, has acknowledged, in his opinion that a Lasting ‘Power of Attorney is more important than a Will'!
It's important to remember that a Will is a very powerful and important Estate Planning tool which only becomes ACTIVE when a death event occurs. An attack on someone's mental health happens during someone's lifetime!
Someone suffering with a lack of mental capacity can live for many years and without the proper planning in place, could cause real frustration for family and loved ones.