If you suffered a stroke or became mentally incapable due to an accident, dementia or Alzheimer’s Disease, who would manage your affairs?
Have you thought how you would manage everyday tasks such as paying bills, signing documents and withdrawing money from your bank account?
If you are a business owner, what would happen to your company if the worst should happen?
Unless you have a Lasting Power of Attorney in place, your relatives may have to go to court for permission to handle your affairs, often resulting in considerable cost, delay and distress.
By making a Lasting Power of Attorney, you are able to choose who is to have the legal authority to manage both your personal and business affairs and speak on your behalf if, in the future, you lose capacity to do so for yourself, either because of physical illness, frailty or as a result of mental health issues.
It can be a comfort to know that someone you trust completely and who knows your preferences and life choices, will be able to stand in for you when you are in need of help.
A Lasting Power of Attorney is recommended for everyone and it is worth considering putting one in place at the same time as you sort out your Will.
At MT Financial Management we do not advise on Powers of Attorney; however, we can introduce you to expert advice to ensure that your Lasting Power of Attorney is set up correctly to take full account of your individual financial circumstances.
For more information on MT Financial Management in Spalding, Wisbech and Market Deeping, please contact us.