Have you ever thought about what would happen if at some stage in your life you were to become mentally incapable of dealing with your own financial and welfare affairs?
For many people it is hard to imagine not being able to organise their own finances or make decisions about matters concerning their own welfare. Many people also believe that there is an automatic right for their spouse or children to deal with their property or bank accounts when they are unable to do so but this is simply not the case. With the increase in average life expectancy, individuals are inevitably finding themselves facing mental or physical illnesses, which unfortunately often leave them unable to manage their affairs.
For peace of mind and because often we don’t know what is round the corner in our lives, it is very important to have a Lasting Power of Attorney (LPA) in place, so that should anything unforeseen happen in the future such that you become incapable, then an attorney of your choice can look after your finances, your property and, if required, your health and welfare. The attorneys could be family members, friends or a professional person.
• A property and financial affairs LPA is for decisions about finances, such as selling your home and managing your bank accounts and investments.
•A health and welfare LPA is for decisions about your health and personal welfare, such as choosing where to live i.e. your home or residential care, daily needs or having medical treatment.
It is important not to leave it too late to make a Lasting Power of Attorney because if you are deemed to be mentally incapable and you do not have a Lasting Power of Attorney in place then the Court will decide who should look after your affairs and make decisions on your behalf.
Druitts can help you prepare Lasting Powers of Attorney (both finance and welfare) for a fixed fee. Please contact Teresa Williamson or Laura Neerunjun who would be pleased to help you.
