Empowering Yourself For Your Future: The Importance Of Lasting Powers Of Attorney (Property And Financial Affairs)

Life is unpredictable and unforeseen circumstances can sometimes leave us incapable of making decisions about our own affairs. That’s where a Property and Financial Affairs Lasting Power of Attorney (LPA) comes into play serving as a crucial tool to safeguard your interests and ensuring your financial well-being when you are unable to manage them yourself.

For Wills, Lasting Power of Attorney and trusts, Finura works in partnership with Beneficial Family Wills. Here, Amy Peters, a member of the Institute of Professional Will Writers, an associate member of the Society of Trust & Estate Practitioners and an associate member of the Chartered Institute of Legal Executives, explores why having an LPA is a vital aspect of comprehensive estate planning.

Prepare for the unexpected

None of us can predict illnesses, accidents or other life altering events. In the event of incapacity (or with your authority), having a Property and Affairs LPA in place allows you to appoint someone you trust implicitly to make decisions on your behalf. This ensures that your financial matters are handled according to your wishes, even if you are unable to communicate at that time or make decisions independently.

Maintain financial stability

Your financial affairs are intricate and multi-faceted. Bills, investments and property management are just a few aspects that may require attention. A Property and Financial Affairs LPA grants your attorney the legal authority to manage your bank accounts, pay bills, collect income and make financial decisions in your place. This therefore maintains financial stability during challenging times.

Protection against fraud and exploitation

Without an LPA in place, if you were to become mentally incapacitated, your loved ones may face legal challenges and delays in managing your financial affairs. In such situations the court may appoint a deputy to act on your behalf and this may not be someone who is known to you and aware of your wishes. By proactively appointing an attorney through an LPA you also significantly reduce the risk of financial exploitation and ensure that someone you trust is overseeing your affairs.

Continuity in business and investments

For business owners and individuals with significant investments, a Property and Financial Affairs LPA is invaluable. It allows your appointed attorney to make decisions regarding your business interests, manage investments and take the necessary action to ensure the continuity of your financial aspirations.

Easing the burden on loved ones

In the absence of an LPA, family members may find themselves grappling with legal complexities and administrative hurdles to manage your financial interests. By appointing an attorney through an LPA, you remove these hurdles and provide your trusted attorneys with a clear legal framework for handling your finances allowing them to focus on caring for you during inevitably challenging times.

Creating a Lasting Power of Attorney is a proactive and empowering measure that allows you to provide direction over your financial affairs even when circumstances prevent you from actively managing them. By taking the time to establish this legal document, you not only protect your interests but also provide your loved ones with the guidance they need to navigate financial decisions on your behalf.

If you would like to discuss creating a legally valid Lasting Power of Attorney, please speak to your financial planner who can put you in touch with a member of the Beneficial Family Wills team.

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