People often give thought to what will happen to their estates following their death but few consider what would happen to their affairs if they were unable to manage them during their lifetime. As life expectancy increases, it is likely that more and more of the population will need some assistance with their affairs. It is often assumed that family members can step in and assist but they don’t automatically have the right to make decisions on your behalf if you have not made a Lasting Power of Attorney (LPA).
Rafael Donovan, a solicitor specialising in Wills, Trusts & Probate based at Jackson Lees Liverpool office, comments:
An LPA is an important legal document that authorises your attorneys to make certain decisions on your behalf should you become unwell or lose the capacity to make the decisions yourself. It ensures that decisions can still be made at what could be a very difficult time.
There are two types of LPA – “Property & Financial” and “Health & Welfare”. With a Property & Financial LPA, you can allow your attorneys to make decisions in relation to your finances which can include dealing with your accounts and investments, paying your bills, and making decisions about your property. With a Health & Welfare LPA you could allow your attorneys to make decisions about your personal welfare and can include decisions about where you are to live, how your days are structured, and whether you give your attorneys authority to decide whether you are to receive life sustaining treatment or not, when you are unable to make the decision yourself.
It is important to seek legal advice in relation to the preparation of your LPAs. At Jackson Lees, we can provide you with guidance and specialist advice about what you may wish to include within the documents to ensure that they protect your affairs as you intend. We can also advise you about the different ways in which your attorneys can be appointed and what would happen if any of them were unable to act, as this is often misunderstood.
Importantly, we can ensure that the LPAs meet your specific requirements and that they can be used after registration. If there are any errors that come to light later on (for example, an incorrect date of birth) then the LPA may be invalid at a time when you need it most."
If you would like any more advice regarding Wills and Trusts or would like to speak to one of our specialist advisers, please click here for a call back or message us your enquiry.