Lasting Power of Attorney
Obtaining probate can often be confusing, time consuming and cause family rifts – especially if just one member of the family is assigned to the task. Our Probate advisers are authorised to provide probate services and because we know what to do, how to do it and in what order to do it in, we can often make the process a lot quicker, less stressful; and all for around 1% of the estate value. Please enquire for exact costs which depending on the size of the estate.
A Lasting Power of Attorney is a document that allows you to legally appoint somebody to make decisions on your behalf if for whatever reason, you were unable to make important decisions for yourself. There are two types of Lasting Power of Attorney:
- Finance and Property
- Health and Welfare
A Lasting Power of Attorney is useful in the following situations:
Incapacity – the most common use for having a Lasting Power of Attorney is so somebody else can take on responsibility of managing your finances or health and welfare if you became unable to manage this yourself due to mental or physical illness. A lasting Power of Attorney must be put in to place while you have capacity and can also take several weeks to be registered therefore it is advisable that a Lasting Power of Attorney is in place before they are needed.
It is important to remember that if there is no Lasting Power of Attorney in place, then you would need to apply to the Court of Protection to gain control over decisions of finance and well being which can be distressing, time consuming and costly.
Business owner – if you run your own business, have you thought about what would happen if you were to be unable to make important day to day decisions for the business due to physical or mental illness or even because you are out of the country?
A Lasting Power of Attorney will allow you to appoint somebody to make these decisions on your behalf in those situations. You are also able to place restrictions and guidance in your Lasting Power of Attorney to help the person or people that you are appointing.
You are out of the country for long periods of times, you are able to appoint somebody to deal with your finances in the UK whilst you are abroad; paying any bills that may be due and easily dealing with any financial problems that may arise whilst you are away.
Premier Financial Group do not advise on Lasting Power of Attorney. We will however be glad to pass you on to our preferred partners at Will Plan Ltd who will be able to explain this to you in greater depth. Simply request us to make an introduction.