This week Martin Lewis, on his programme ‘The Martin Lewis Money Show Live’ shed some light on the importance of Lasting Powers of Attorney, and the benefits of using a Solicitor to do so.

A Lasting Power of Attorney is a legal document that allows you to appoint a person (or people) that you trust to assist you with decisions regarding your property and financial affairs and/or your health and welfare. They can also act in this capacity should you lack the mental capacity to make decisions for yourself in the future.

A Lasting Power of Attorney for Property and Financial Affairs enables your Attorneys to manage your bank account, assist you with paying bills, deal with any benefits or pensions and sell your property on your behalf. The Property and Financial Affairs document can be used whilst you have capacity, as well as if or when you lose capacity.

A Lasting Power of Attorney for Health and Welfare will give your Attorneys the opportunity to make decisions regarding your welfare, care needs and medical treatment, should you not have the capacity to make these decisions yourself.

If a Lasting Power of Attorney is not made, no one would have the legal authority to manage your affairs should you become incapable. This responsibility does not automatically pass to your next-of-kin. If you lose capacity and require assistance with your property and financial affairs and/or health and welfare and a Lasting Power of Attorney has not been set up, a Court of Protection application will be required to enable the relevant individuals to assist you in this manner. A Court of Protection application is a far more costly and time-consuming process than setting up Lasting Powers of Attorney.

At Bone and Payne, our Private Client team can provide professional advice regarding Lasting Powers of Attorney as well as other areas of Estate Planning. Please contact our Private Client department via our enquiries email at enquiries@boneandpayne.co.uk and we shall be happy to assist.