Lasting Power of Attorney…Why??

Lasting Power of Attorney is a document your chosen attorney/s can use on your behalf if you become incapable of dealing with your property and financial affairs

When we think about this document most of us relate this to age. We tend to think that this document is for the elderly as there is more chance of them developing dementia than someone in their 30’s or 40’s.

How wrong we are.

Yes stats do show that at least half of people aged over 80 will develop some form of dementia making it impossible for them to deal with their property and financial affairs. But what about those of us who jump in our cars everyday speeding down the motorway to get to our next appointment or business meeting or those of us riding motorbikes? What if we had an accident and didn’t die but suffered quite badly perhaps ending up in a coma or suffering from some kind of brain trauma making it impossible for us to deal with finances and property?

You’re not dead therefore your Will wouldn’t kick in. Anything in your sole name would need to remain untouched also joint assets could be frozen, this could put huge financial strain on your loved ones. Simple things like paying bills just couldn’t happen unless your spouse / close relative applied to the Office of the Public Guardian for Deputyship. A really lengthy and expensive process.

So there is a need for a Lasting Power of Attorney no matter what your age. It is like an insurance policy hopefully you will never need it but if you ever did thank goodness you had it.

(Abbotts charge £175 plus VAT for 1 LPA and £275 plus VAT for a Couple)

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