Lasting Power of Attorney in Swansea
Clients often ask why a Lasting Power of Attorney in Swansea is necessary for married couples and patients with the following issues: accidents, strokes, brain injuries etc. It is typically thought that if you do become incapacitated that your spouse will automatically be able to take control of your assets and handle everything on your behalf. More often than not this is not true.
First, let me define what a Power of Attorney is. A Power of Attorney is an official document that appoints an “Attorney” to represent you and handle specific problems for you. Relying upon the terms of the Power of Attorney, your agent may be authorised to make monetary and health care choices on your behalf. There are many areas which will produce expensive issues if you do not have a sturdy Power of Attorney in situ designating an Attorney to act on your behalf throughout any period of incapacity.
A Lasting Power of Attorney (LPA) in Swansea permits you to manage who makes choices on your behalf should you fall sick or be unable to form your own choices. LPAs are established for both monetary and health/welfare choices. If you reside in Swansea, we have a variety of highly-trained consultants who will visit you at home to discuss the choices with you and help make sure you get the correct LPA for your needs. A Lasting Power of Attorney (LPA) permits your loved ones to take proper care of you and your finances if you become unable to do so for yourself. There are two kinds of LPA: A "Property & Financial Affairs" LPA provides your attorney with the authority to influence buying and marketing of your property, paying your various bills, access to bank statements and investments. Whereas a "Health and Welfare" LPA covers choices regarding health, care and even deciding where somebody is to live if they are unable to look after themselves. This will solely be used if somebody is incapable of managing such matters themselves.
If you and your relation co-own property, your relation won't be able to sell or transfer the property without your consent. They would have to petition the court to be appointed as your trustee so they are able to manage the property in the way it is needed. Similar action would need to be taken to any stocks or bonds that you hold together.
According to the Alzheimer's Society, over 1.1 million people within the UK will suffer from dementia by 2025, raising to over 2 million by 2051. Over one in six people over eighty already suffer from this, with rates considerably higher amongst women than men. Accidents, strokes, brain injuries and Parkinson's disease may also have an effect on someone's ability to decide their own choices. Handling your monetary affairs in such cases can become impossible and this is why charities who look after the elderly suggest everyone plans ahead.
Planning ahead has 2 main advantages, it can save you and your family money from legal proceedings, it also takes a lot of pressure of your family from the stress of having to apply to the courts for control. An Lasting Power of Attorney in Swansea ensures that if you lose the ability to manage your own affairs, the people you have appointed will be able to manage them for you unhindered.
Contact The Will Associates now on 0800 9500 700 for more information on creating your LPA.