Why a Lasting Power of Attorney saves you and your family stress and costs
Many people don’t want to consider ‘what happens if I can’t think for myself’, due to an accident, illness, dementia or another condition. Unfortunately, if you don’t plan ahead when you’re fit and healthy, it will be too late when you’re in a situation where other people have to make decisions on your behalf.
If you have no Lasting Power of Attorney (LPA), it can take many months for the Court of Protection to give legal rights to your family members. This may mean that your bank accounts are frozen for all that time and any costs to be paid on your behalf will have to be borne by your family.
The legal process alone can cost up to £3,000.
Why Make Your Lasting Power of Attorney With Sovereign Estate Planning?
- An LPA allows you to plan in advance in the event that you lose capacity.
- You can appoint the people that you want to make decisions on your behalf on your health, wellbeing and financial affairs.
- You can detail how you would like people to make the decisions about your finances and your health.
- Having a Lasting Power of Attorney prevents your bank accounts being frozen and costly fees.
- It’s never too early to complete your LPA – there are real advantages to having one in place, as life doesn’t always go to plan.
- Remember – you only need to make a Lasting Power of Attorney once.