Do you have a Lasting Power of Attorney?

24th June 2019

Most people have heard of a Lasting Power of Attorney and many may also know exactly what it is. But how many people have actively taken out an Lasting Power of Attorney to protect themselves against the loss of their mental capacity and the consequential loss of ability to control the future of their finances and well being?

Life can be unpredictable and when we are least expecting it, events can change our lives in ways we could never have planned for.

Have you ever considered what would happen to your estate and finances should you lose the mental capacity to make decisions for yourself? Who would make important medical decisions for you on your behalf and still have your best interests at heart? The responsibility that comes with any financial planning is important which is why we would like to make you aware of the benefits of having a Lasting Power of Attorney (LPA).

A Lasting Power of Attorney is a vital document that enables another person to make important decisions on your behalf should you lose the mental capacity to do so in the future. There are two types of Lasting Power of Attorneys:

    Finance and Property

    Health and Welfare

Without these legal documents, decisions about your finances and property, and health and welfare will be passed to a Court of Protection which could take up to a year to process and is both expensive and stressful. During this time your situation stagnates:

  • You will not be able to access any additional funds that you wish to drawdown from your Equity Release plan
  • You will not be able to re-finance
  • You will not be able to sell your home
  • No bills will be paid
  • Your family/chosen donor will not be able to decide where you live
  • Your family/chosen donor will not be able to move you to a care home
  • The decision to give or refuse life saving treatment will be made by a Doctor and not your family/chosen donor

However, this situation can easily be avoided by creating either one or both of the Lasting Power of Attorneys and with our help it couldn’t be simpler to do.

Easy to do!

We will take care of all the legal documentation and all you need to do is provide us with the names addresses of the following:

1. The DONOR – this is you, the person creating the Lasting Power of Attorney

2. The ATTORNEY – the person you wish to act on your behalf. This is often a family member or close friend

3. The REPLACEMENT ATTORNEY – the person who will take over from the attorney should they no longer be able to carry out their duties. You can choose more than one replacement attorney.

4. The CERTIFICATE PROVIDER – the person who confirms you have mental capacity. We can act as your certificate provider.

Don’t leave it until it’s too late!

You will only be able to make a Last Power of Attorney whilst you still have mental capacity. Once you have lost this ability, decisions about your finances and welfare will be taken away from you and passed to a legal Attorney and your desires and those of your loved ones will no longer be effective. So act today, and give yourself the peace of mind knowing that your future can still be influenced by those who love and care for you.

We are able to offer you this important service at a competitive rate and we will be happy to assist you throughout the process. Should creating a Lasting Power of Attorney be of interest to you, please contact Kevin Woods on 01489 454545 or kevin.woods@therightequityrelease.co.uk to discuss your situation without obligation or fee of any kind.

Prepare for the unexpected, protect your future, gain peace of mind.

*Lasting Powers of Attorney are not regulated by the Financial Conduct Authority

Why not get in touch and see how we can help?

Equity release is the answer to so many financial questions. If you would like to know more about it, and see if it could be the right move for you, please book an appointment or request a call-back