Have you ever thought about what would happen if you lost mental capacity and could no longer make your own decisions?
It is not something that most of us have thought about but it could happen to anyone at any time through, for example, a car accident or illness and if it does banks and other service providers will not deal with you, they will also not deal with anyone else on your behalf unless an application is made to the court, which is a process that can take a number of months and be considerably costly and emotionally draining on your loved ones and family members at an already difficult time.
A lasting power of attorney (LPA) is a legal document which will allow you to appoint someone you trust to act on your behalf as though they were you when it comes to your property and financial affairs, this can occur, with your permission, whilst you still have your mental capacity if needed, for example if you are in hospital or abroad, but is most commonly used to allow your appointed person to deal and make decisions on your behalf should you later lose your mental capacity.
But why should this concern you today?
You can only set up a lasting power of attorney while you have mental capacity, once you have lost capacity it is too late. Do not be misled into thinking this only effects the elderly, mental capacity can be lost through many reasons at any time including Car accident Stroke Illness Dementia Mental health problems
It is important to put your LPA in place at the earliest possible opportunity in order that your family be protected should something happen to your mental capacity and avoid being left in a financial muddle.
Murray Hills are YOUR Local Solicitors and as such strive to offer you the best service and advice for your individual needs.
Don’t put it off, call us today for a free no obligation appointment