Facing the future with confidence
Your estate plan should also deal with the impact for you and your family of any decline in your mental or physical condition in years to come. You may have heard of Lasting Powers of Attorney (LPA), which have been developed to help you and your family manage the consequences of such an event. By putting LPAs in place, you can be assured that your assets, medical treatment and living arrangements will be administered by someone of your choice. There are two types of LPA:
1. Property and Financial Affairs LPA
This covers decisions affecting your property and finances. Without one of these, your assets would be frozen until someone (probably a family member) had made an application to the Court of Protection to act as your deputy. This kind of application is expensive and time-consuming and may involve continuous court oversight of the deputy's actions.
2. Health and Welfare LPA
This covers medical and other decisions affecting your general welfare. Without one of these, you would have no control over who makes decisions for you as to medical treatment or general welfare.
This is an emotive area, but the Withers team can help you identify suitable candidates to act as your Attorney, as well as defining limits to their powers and building in additional safeguards, where appropriate.
Living Wills (also known as Advance Decisions or Advance Directives) enable you to specify now what medical treatment you would and would not be prepared to accept should you be unable to give or refuse consent at the time. Whilst Living Wills are an alternative to Health and Welfare LPAs, they are limited in scope only to cover the particular situations specified in the Living Will itself.
Click here to complete our questionnaire designed to assist you in the process of making the most appropriate estate plan, or for a no obligation chat about how we may be able to help you, please contact one of our team members below.