Later life care is a growing concern for us all. Whilst we never really know what’s around the corner, for some people, it’s really important that they have as much peace of mind as possible.
You might be worrying about who will manage your property and finances if you could no longer do so yourself.
You might be too young to be thinking about that yet, but still want to put in place vital safeguards in case you, or perhaps your partner, became physically or mentally incapacitated.
As a business owner you and the other owners may need to put safeguards in place.
In all of these scenarios, and many others too, a Lasting Power of Attorney may be the answer. A LPA as they’re known, is a legal document that puts safeguards in place. In it you’ll name a person (an ‘attorney’) who will assume responsibility for making decisions on your behalf if you become unable to do so for yourself. The LPA can provide for your finances, your property, your health and welfare (or all three) to be taken care of by your attorney. The health and welfare LPA is often referred to as a “living will” and can set out your wishes as to medical treatment, end of life care and so on.
You need to know that an LPA can only be prepared while you have what’s known as ‘full capacity’ . It can’t be done after you become incapacitated without a lengthy and expensive court procedure...and this leaves everything hanging, assets frozen and decisions delayed while you wait.
We appreciate none of this is pleasant to think about but we really do urge our clients to consider making LPAs now. While you think about it, our expert lawyers are more than happy to talk you through the options and the process to give you reassurance and help you make the decision that is right for you.
Putting a Lasting Power of Attorney in place is relatively straightforward, so you needn’t worry that you’ll be embarking on a long legal process. It can be done pretty quickly. And because we’ll explain the complexities and help you decide on the right options for you, you’ll find that it’s painless too.