Future Life Planning
You should always consider life time planning. You can take steps to ensure your financial affairs, future healthcare and welfare needs are in order to assist your relatives or friends. By doing so, you can help your relatives to avoid spending needless time and expense on your estate in making a formal court application. We can help you to take these steps through the preparation of Lasting Powers of Attorney or a Living Will.
Lasting Powers of Attorney
From 1 October 2007, Enduring Powers of Attorney were replaced by Lasting Powers of Attorney (“LPAs”).
There are two types of LPAs:
- Property and Financial Affairs
- Health and Welfare
An LPA allows you to give authority to a person or persons (“an Attorney”) over your financial affairs, should you become incapable of managing your affairs, or to make decisions regarding your health and welfare once you have lost mental capacity. LPAs can also be effective if you live abroad and have UK assets which an Attorney can deal effectively with on your behalf.
The existence of an LPA will avoid the need to make an application to the court to appoint a Deputy. This can be a cumbersome, stressful and time consuming procedure which will involve ongoing administration and expense.
Living Wills
Alternatively, you may wish not to put in place a Health and Welfare LPA. Instead, you may wish to have a Living Will (or Advance Directive). Living Wills provide medical professionals with your wishes when you are suffering from a terminal illness or in deathbed situations. However, a Living Will has a narrower scope than a Health and Welfare LPA.
