Wills Probate & Power of Attorney
Importance of Lasting Powers of Attorney
15 June 2018
A new report from Zurich has suggested that retirees are potentially being hindered from obtaining financial help should they become ill or lose mental capacity due to not having a Lasting Power of Attorney in place.
By making a Lasting Power of Attorney for Property and Financial Affairs a person (known as a ‘Donor’) can appoint a family member or a trusted friend to make decisions regarding the Donor’s finances when they no longer have the mental capacity to do so.
Without this document then the Court of Protection would have to become involved when a person is no longer able to make decisions for themselves.
This report highlights the importance of Lasting Powers of Attorney in later life and particularly with the recently introduced pension reforms where people are now expected to make complex decisions on their pensions and finances. If they are unable to make those decisions and have not made appropriate provision this could lead to financial difficulties and possible hardship.
Why not enlist the help of the specialist team at Baines Bagguley Penhale to help with your Lasting Power of Attorney. We provide our clients with advice and support in preparing, completing and registering Lasting Powers of Attorney.
Contact our office for further details!