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0:01 AM, 10th May 2024, About 2 weeks ago
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Amidst the hustle and bustle of our daily lives, it’s important not to overlook planning for the unexpected.
It’s essential to protect our personal affairs and portfolio with measures such as Lasting Power of Attorney (LPA)
Here at Property118, we have worked for over 15 years with award-winning legal service Heritage Wills which can help anyone set up an LPA or Will.
An LPA is a legal document where a person of your choice can control decisions on your behalf such as financial, property or health matters and becomes your attorney.
There are several reasons why you may need someone to make a decision when it comes to your personal affairs.
It could be a temporary measure such as if you are going to hospital or going on holiday. Or it could be long-term planning if you become ill and lose your mental capacity.
Heritage Wills explains: “There are two types of LPA – Property & Financial Affairs (PA) and Health & Welfare (HW). These documents have to be made and signed while you have full mental capacity. Before an attorney can act on your behalf, your documents will be registered with the Office of Public Guardian (OPG)”
A Property & Financial Affairs Lasting Power of Attorney (PA) takes care of your financial affairs, property, money and assets. This means that your chosen attorney can pay your bills and deal with your income when you can’t.
According to Age UK, you can decide when you want this type of LPA to start. This might be while you still have mental capacity, or it might be if and when you lose mental capacity.
Heritage Wills explains one of the reasons why a Property and Financial Affairs LPA can be crucial.
They explain: “One reason for a Property and Financial Affairs LPA is to avoid the possibility of family arguments over who takes responsibility for your assets. An LPA can be tailored to meet your specific requirements. You can hand over as little or as much control as you wish to your attorney.”
The other type of LPA is one for your health and care decisions called a Health and Welfare LPA.
According to Age UK, your attorney can make decisions about things like:
It’s important to remember that, unlike an LPA for financial decisions, your attorney can only use this LPA if you no longer have mental capacity.
If you don’t have an LPA and you lose mental capacity the impact on your family can be huge and costly too.
Heritage Wills explains: “Many banks, care providers and medical professionals will insist an LPA is in place. Without an LPA you would have to apply to the Court of Protection for a Deputyship order. This can take a minimum of 6 months and can cost up to £2,000 per person.
“During this time, any joint bank accounts may be frozen and the deputy would be under much closer scrutiny. The Courts may ask them to submit more documentation – all at a time of great stress and uncertainty.”
If you are a property portfolio and business owner, then it’s also important to consider an LPA. If you become incapacitated for any reason, then who would look after the business?
Imagine the chaos of bills going unpaid, checks left unsigned and payrolls in limbo. It’s best not to gamble instead you can take control with a special Business LPA which Heritage Wills can help you with.
Established in 2002, Heritage Wills can help take all the stress away when deciding how to structure your LPA.
Since 2002, the company has expanded to become the leading dedicated Will Writers in East Anglia and serves tens of thousands of clients across the country, priding itself on giving a personal, bespoke service tailored to your individual needs.
This stellar reputation has earned them numerous awards including the “Regional Will Writers of the Year” at the Wills and Probate Awards and the “Will Writing Organisation of the Year” Award at the National Paralegal Awards.
Making an LPA with Heritage Wills is easy, one of their Award-winning Consultants will visit you in your home, workplace or care facility to take your instructions to draw up all the necessary paperwork. This can also be done online or via the phone.
Heritage Wills will help you decide how to structure your LPA; if you’ve chosen two different attorneys you will need to tell them whether you want to appoint them to act together or independently.
Heritage Wills offers expertise and personalised service in crafting LPAs with their award-winning consultants who are here to help you every step of the way.
Whether you require in-person consultations or prefer the convenience of online or phone interactions, Heritage Wills ensures a seamless and stress-free process.
Award-winning will writers, LPAs and Legacy planning
