Whilst drafting your will, IWC can also create a lasting power of attorney. This document allows you to appoint a relative or professional to handle your affairs if you ever become unable due to an illness or accident. Start online here
Watch this BBC video from the ONE show to help you decide if you need a Lasing Power of Attorney:
This is extremely important but sadly is often overlooked especially these days with the rise in popularity of DIY or online wills. Whilst it may make the initial cost of making a will greater, the cost of not having any arrangements in place can be far more.
Our lasting power of attorney case study, demonstrates the plight of a couple who chose not to have this document included with their will to keep the initial cost to a minimum. Don`t let this happen to you. Start online here
It gives you complete peace of mind, you know that if the worst does happen, your affairs will be handled by someone you`ve appointed, who you trust, that will make decisions solely based on what`s best for you.
Please note the LPA replaced the Enduring Power of Attorney in 2007. Enduring Power of Attorney`s signed before the 1st Oct 2007 are still valid.
For more information, or to arrange a free consultation, call IWC now on 0800 612 6105.
Who to Appoint
This decision is entirely up to you. As long as the person is over 18 and has not been made bankrupt, it can be your partner, a close relative or friend. You also have the option of appointing a professional person, this can be beneficial if your circumstances or financial affairs are particularly complex. Many people simply prefer it this way.
2 Types of Lasting Power of Attorney UK
Financial & Property
This document allows the attorney to take over your finances if you ever become incapacitated. This can include handling day-to-day matters such as paying bills or collecting benefits and more serious responsibilities such as selling your property.
Health & Welfare
The health lasting power of attorney allows whoever you appoint to make decisions regarding your health and welfare, such as medical and life-sustaining treatment or whether or not you require residential care.
Registering an LPA
Lasting powers of attorney need to be registered with the Office of the Public Guardian before they can be used. This involves completing various forms and can take up to 13 weeks, providing everything`s in order, there is a 6 week period to allow people to object. While a health LPA cannot be used unless the donor has lost the mental capacity to make decisions, a financial LPA is different. You may register a financial LPA if you simply need help. For example, you may struggle to carry out certain tasks such as paying bills if you lose the ability to walk or it`s difficult for you to talk on the telephone. This is another reason why it`s much better to plan ahead, avoiding the long waiting period when it could be an emergency.
If you become incapacitated without any power of attorney, a close relative will have to apply to the Court of Protection for deputyship order. This is a lengthy process of which you`ll have no control over. Don`t leave it until it`s too late.
As a specialist will writing and probate company, IWC arrange can arrange a lasting power of attorney for you or you can Start online here. We`re fully qualified members of the Society of Will Writers & Estate Planning Practitioners. Speak to advisor now on 0800 612 6105.