Lasting power of attorney
A will is all about one thing: death. But what happens if we need someone to manage our affairs for us while we are alive? Some people believe that a will can be used if a loved one loses capacity (i.e. has a stroke or an accident), however this is NOT the case.
A spouse/family member has no automatic legal right to sign anything for you – and banks will probably refuse to release savings, making life very difficult for those left trying to manage your affairs on your behalf.
Lasting power of attorney is an incredibly powerful legal document, which allows you to appoint the RIGHT people to act for you, if ever you need them to do so.
One specialist in this field said the following:
“If you become incapable of making decisions for yourself, your personal affairs would become the responsibility of the Public Guardianship office.
In practice, if you had a serious stroke, the receiver would have to be asked to release funds for your family to carry out everyday financial matters for you. Not only would your family have to come to terms with the grief and emotion of the illness, they would also have the added strain of dealing with officials for every decision.
… if at all possible, you should ensure that you have appointed a LPA while you are still capable of doing so.”
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