LASTING POWER OF ATTORNEY
Ensure that someone you are familiar with and trust takes charge.
Ensure you have a reliable support system
In the absence of a Lasting Power of Attorney (LPA), the potential loss of mental capacity could compel your family to seek Court of Protection intervention. This process is both sluggish and exorbitant, incurring costs amounting to thousands of pounds. Having an existing LPA eliminates this need, providing peace of mind. Rest assured, Viva Planning is here to assist you through the LPA process.
What exactly is a Lasting Power of Attorney?
In situations where managing personal affairs becomes impossible, an LPA empowers a chosen individual to act on your behalf. Two primary types exist:
- A Property and Financial Affairs LPA grants authority over bank accounts, investments, bills, and property.
- A Health and Welfare LPA encompasses decisions related to health and care.
Why is having an LPA crucial?
Conditions like Dementia, Parkinson’s disease, or a stroke can render decision-making nearly impossible. The absence of an LPA can burden your family with substantial time and financial expenses to gain authorization for handling your affairs. Additionally, joint bank accounts may face severe restrictions without an LPA, impacting vital financial transactions such as income deposits, pension disbursements, mortgage payments, and utility bills.
