What Is Power of Attorney and How Does It Work?
Modern life presents us with a range of obligations and responsibilities. From making sure bills are paid to managing investments and running businesses, it’s important to know that these tasks will be fulfilled by someone else if you were unable to do so.
A Lasting Power of Attorney acts as a safeguard and enables you to choose who can make important decisions for you and your family if you’re unable to do so yourself. While young and healthy this might not seem like an immediate priority, but the truth is, this is the most sensible time to create one and plan for any eventuality.
A Lasting Power of Attorney is a means of ensuring that a trusted person is given the power to act on your behalf and make decisions for you should you be unable to do so for yourself. It is a legally binding document and can be temporary or permanent in term.
There are two types of Lasting Power of Attorney. A Health and Welfare Decisions LPA ensures that your loved ones hear your voice in respect of medical decisions. This can include life sustaining treatment. A Financial Decisions LPA can cover personal financial and business affairs, but it is also possible to create separate lasting powers of attorney to deal with each of these matters. These documents enable you to plan for the unthinkable and, to make life easier for your loved ones and business partners. They help you to protect and manage your financial obligations to your family, customers and employees.
Whether you want to manage your financial obligations or protect your family, employees and customers, our expert legal team is here to help. Our team can prepare a Lasting Power of Attorney to suit any specific requirements.
If you’re thinking of creating a Lasting Power of Attorney and would like to discuss things further, don’t hesitate to contact our Private Client team on 01524 889850 or info@progressionsolicitors.com.
