Why you might need a Power of Attorney?
Granting another individual power of attorney is incredibly important in case of the event where you are unable to manage your own affairs. It is important to make this decision now because, by the time you need it, it will be too late to make the decision.
Giving you peace of mind at a difficult time
However, granting this power to a family member may place a huge amount of stress or burden onto them and can be very time-consuming. We would advocate using Serenity Life for power of attorney services, to take the burden, cost and time consumption off your family member at a time that will undoubtedly already be very difficult for them.
We prepare thousands of powers of attorney every year, so we have vast experience in this field, ensuring that we can carry out this task to a high standard for you.
Why having Lasting Powers of Attorney is important
A Lasting Power of Attorney (LPA) guarantees that, in the event of your incapacity, someone you know and trust will be in charge of your affairs and wellbeing. Everyone should have these crucial papers in order, yet many people do not.
LPAs come in two varieties; one deals with a person's financial affairs and the other with their health and welfare. Our knowledgeable advisors can assist you in completing the lengthy LPA documents and make sure everything is set up in case you ever need to utilise one.
Why should you set up an LPA?
In the unfortunate event that you or a family member loses capacity due to illness or an accident, your next of kin or caregiver may encounter numerous challenges when attempting to handle your affairs on your behalf, including managing your bank or building society account, paying your basic bills, or making arrangements for your care. Unfortunately, the majority of adults don't have Lasting Powers of Attorney in place, and by the time they are required, it's too late. As a result, crucial decisions can be taken away from the immediate family or the person you trust to make them on your behalf if you are unable of doing so.
What if there is no LPA in place?
Without an LPA in place, your family will have to apply to the Court of Protection to have a deputy appointed to handle day-to-day financial affairs if you lose mental capacity. It might take up to 12 months to complete this tedious and expensive process, which puts your loved ones through additional worry and expense.
Furthermore, if one of the account holders to a joint bank account loses mental capacity and there is no registered LPA in place, access to joint bank, building society, and company accounts may be severely restricted.
Serenity Life's experts are available to talk with you about LPAs over the phone, via video call, or in the convenience of your own home. They will arrange to have the necessary documents prepared and ensure that, in the event that you do lose capacity, you are taken care of by the individuals you have designated to take care of your financial and health requirements.
"Only 5.3 million people in the UK have a registered Lasting Power of Attorney."
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to see how Serenity Life can help with all your Legacy Planning needs?