Who will look after your finances if you cannot?
Discussions about when you are no longer able to manage personal affairs is not an easy conversation to have, with family and loved ones. However, it is crucial to talk about who can make decisions on your behalf, so if it does happen there is something in place.
A practical solution is a Lasting Power of Attorney (LPA) a legal document that lets you (the ‘donor’) appoint one or more people to help make decisions or make decisions on your behalf.
Putting in place a power of attorney can give you peace of mind that someone you trust is in charge of your affairs.
If you lose mental capacity, unless you’ve already filled in the Power of Attorney forms, your loved ones will need to apply through the courts to become a ‘deputy’, a long and expensive process at an already challenging time.
You may be thinking “this doesn’t affect us, we’re perfectly well”. This is a common misunderstanding. The key thing to remember is…
You can only set up a Lasting Power of Attorney when you have mental capacity. Once you’ve lost capacity, it’s too late.
The key is to act early.
In essence a LPA will allow those who care to make financial decisions on your behalf but only for your benefit, this may mean major financial decisions or simple bill payments.
We have experience of facilitating LPA arrangements for our clients over a number of years, and have seen the benefit this has brought to families affected. This can be a vital document in difficult times that can ease the financial burden on loved ones.
We are offering a free initial discussion regarding estate planning and LPA arrangements to anyone who contacts us in this respect.
Simply contact Mark Robinson at our Swansea office on 01792 483860, or email: email@example.com
Mark will then arrange a convenient appointment with you for the initial discussion.