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Lasting Power of Attorney
There may come a time in your life when you will no longer be able to make your own decisions as a result of mental incapacity, illness or accident. It is not easy to discuss and consider times like this but it is important to prepare should that time ever arrive. You can appoint people you trust to manage your financial and personal welfare on your behalf if worst were to happen, making impactful contribution to your future and providing real peace of mind for your loved ones.
A Lasting Power of Attorney, or LPA for short, is a legal document which gives people you name (your “Attorneys”) the power to help manage your affairs and make decisions on your behalf. If you don’t have an LPA and you can no longer make your own decisions, your family and friends will have no legal authority to act for you.
This could make you vulnerable and leave your loved ones in a difficult position. It is therefore never too early to consider having an LPA prepared.
- Your spouse will not be able to deal with your bank account and even joint bank account
- Your family will not be able to make decisions about your healthcare
- Your family and friends will have no say over your business affairs, investments and property
A Court order could be obtained for a loved ones to manage your affairs, this is known as being a deputy of the court. This process is lengthy, expensive and can be stressful.