Who Is Responsible For Managing My Property and Finances If I Fall Ill?

Even if you’re not close to old age and don’t currently have any serious, life-threatening illnesses, it’s important to know what will happen to your property and finances in case you do fall seriously ill.

It is also natural to worry about this issue, so if, in fact, it has been troubling you, here’s a solution: appoint a person you trust to be your lasting power of attorney or LPA. Here’s what you need to know about LPAs.

Lasting Power Of Attorney

A lasting power of attorney lets you appoint someone you trust to be in charge of making decisions on your behalf and seek your best interests in the event that you can’t, until you’re well again, or pass away.

There are two kinds of LPAs; one that lets someone else make financial decisions on your behalf and look after your property, assets, and finances, and the other takes decisions related to your health and well-being on your behalf.

LPA For Financial Decisions

To appoint an LPA for financial decisions, you must pick someone who is 18 or above and possesses the mental capacity to make sound decisions, as required by UK law. The mental capacity of a person is judged based on the particular task they have been given, in this case, the ability to understand finances and take the right steps.

Who To Give LPA To?

People often choose their spouse or partner to be their LPA, but you are free to choose anyone you trust, as long as they aren’t subject to debt relief, or are on the Disclosure and Barring Service’s barred list.

Need legal help? Get in touch with our team of solicitors at Wembley Solicitors, in Middlesex, UK. We are experienced in areas such as family law, personal injury claim, or bus passenger accident claims, among others. You can also reach us at 020 3417 3700 or email at info@wembleysolicitors.com.