The older you get in life, the more chance you have of losing your memory and the higher risk you become to the threat of losing capacity. What will happen to your finances?
You might be in your late twenties and have no fear that this will happen to you anytime soon. But what happens if you become ill or are in an accident? How will you pay your bills?
You may think you’re safe with a joint account, but you would in fact be wrong. If you or your partner were to lose capacity – example: falling into a coma after an accident, then your joint account could be frozen by the banks, and your joint account holder may not be able to withdraw money even in an emergency!
You might have business or property that you own in joint partnership with someone, what happens to those things if you lose capacity?
Say you are in retirement and you made an equity release on your property, but wanted to further withdraw cash, however one of you has lost the capability to sign the paperwork…
Appointing a Lasting Power Of Attorney is the answer. This is where you authorise someone you trust to make decisions on your behalf. The decisions they can make for you include:
- Selling property
- Managing investments
- Paying bills
- Running your business
To conclude, if you wanted to make sure all your assets are safe just in case the worst was to happen, then appointing a Lasting Power Of Attorney is a good option. When you make someone your lasting Power Of Attorney then they will be able to make decisions about your property and finance also your health and welfare, so it has to be someone you trust!
To find out more about how we can help call us now on 01245 947 797 or email us at firstname.lastname@example.org