Making a Lasting Power of Attorney
At Langham Wills’ we provide our clients with a personal Lasting Power of Attorney drafting service. This covers professional guidance over creating a Lasting Power of Attorney which can protect your personal assets, business interests and health and welfare in the event of either a permanent or temporary loss of capacity.
The process couldn’t be easier, our professional will discuss who can be your Attorneys, the reasons behind creating the document, act as your signature provider and we can then make the application to the Office of the Public Guardian on your behalf.
Do I really need a Lasting Power of Attorney?
In Simple Terms a Lasting Power of Attorney allows an individual to look after your affairs if you lose the capacity to act on your own.
There are two types:
A Financial and Property Lasting Power of Attorney:
Effectively this is giving the Attorney the power to make decisions about your finances and property, For example, pay bills, transfer money.
A Health and Welfare Power of Attorney:
Effectively this is giving the Attorney the power to make decisions about your welfare. For example, where you live or who provides your medical treatment.
We believe that every adult should have a Lasting Power of Attorney and we consider that both LPAs are of equal importance.
To protect you, the Attorney has a legal obligation to act in “your best interest”.
RISKS: The bank could freeze your assets
What impact would this have on your family and your business?
If you lost capacity, even temporarily what are your legal obligations?
Ask us about a Commercial Lasting Power of Attorney
Establishing a Commercial Lasting Power of Attorney should be high on a business owners shopping list.
Running a business means it comes with legal obligations. Such as paying staff, dealing with creditors and debtors and fulfilling contractual obligations.
But what if you lost capacity, even if it was only temporarily, what effect would this have on the business? The Mental Capacity Act has now included stress as a 'disability' and we wouldn't want to see your business and employees suffer unnecessarily.
At Langham Wills we have worked with many business owners setting up the necessary documentation to ensure your business is safeguarded against such an eventuality. This is an area that our Managing Director Chris Smith specialises in as he can identify with the same issues that other business owners' face.
COMMON MISCONCEPTION: A Lasting Power of Attorney is for the elderly.
How would your family look after your affairs if you were involved in an accident?
What is the Mental Capacity Act and how does it affect you?
If the unthinkable happens my partner will sort my finances out, they know him/her in the bank!
People generally associate loss of capacity with the older generation through illnesses such as dementia. However, when we consider the statistics we have all seen a road collision at some point and have been grateful that we were not involved. But this can happen to anyone, we hear it on the travel news each morning and evening. An accident is an accident.
Loss of capacity could be as a result of an accident or a diagnosis. Mental health, i.e. dementia also affects the young just look at the statistics below.
So what effect would this have on your finances and family? If something is in your name, it will require your signature;
Who would run your bank accounts? - An ISA is in your name only.
What if the house needs to be sold? It requires your signature.
What if bills needed to be paid? Credit cards are in your name only.
What if the car was on finance and needed payments made? If it's in your name, it need's your signature.
But it's not just all about the money, it's also about your health, who would make any decisions about your welfare if you can't?
At Langham Wills we have been advising and drafting Lasting Power of Attorney documents since their inception in 2007. We have the knowledge and expertise to guide you through your requirements and ensure that you and your families needs are catered for.
COMMON MISCONCEPTION: My children can sort out my affairs and deal with my doctors. Unless there is a Lasting Power of Attorney in place they cannot legally act on your behalf and there is no duty for the medical professionals to discuss your health with a relative or third party.
What does a Lasting Power of Attorney really do and how can it help you?
You know you need these documents and don't know where to start?
Are you worried about loss of capacity and who will look after your affairs if you cannot?
You want to appoint an Attorney properly so that dealing with matters on your behalf is legal and easier for them to act for you?
Retired people often find that they want to ensure their affairs are in order especially with the awareness of illnesses and even mental health problems such as dementia.
At this stage in life consideration is given to the risk of care needs and also how their assets, such as property, savings and investments may be managed.
Creating a Lasting Power of Attorney can ensure that both your Financial and Property along with your Health and Welfare needs are catered for if you lose capacity either on a temporary basis or permanently.