Why you are never too young to have Lasting Power of Attorneys and Financial Advice in place

By November 26, 2020Wills and Probate

We follow on from our article entitled ‘why you are never too young to create a Will and get your affairs in order’ and look at why you are also never too young to have Lasting Power of Attorneys and Financial Advice in place. A copy of our article entitled ‘why you are never too young to create a Will and get your affairs in order’ can be found on our website at www.astonbond.co.uk/legal-blog/.

Lasting Power of Attorneys 

In the midst of a pandemic, it is fair to say that everyone is concerned about their health and welfare. Times are unprecedented and even with a vaccine now found, we don’t know how long it will take for the vaccine to take effect and the substantial effects of the virus eliminated. 

In addition, on an ‘ordinary’ day, we do not know what is around the corner, and in the event that you lose capacity because you are unwell for example, it can be reassuring to know that you have a person or persons you trust to look after your health, welfare, financial and property affairs. In the absence of a Lasting Power of Attorney, only you have authority to deal with your own affairs, and as a result it means that your affairs will be left unattended simply because there is no other person with authority to deal with your affairs whilst you are unable to. 

With regards your health and welfare affairs, often where a Lasting Power of Attorney is not in place, medical professionals are left with no choice but to make decisions on your behalf where you are unable to do so. However, you may wish for a loved one to make such decisions on their behalf. In order to have this, a Lasting Power of Attorney should be registered and in place.

The Lasting Power of Attorneys last your lifetime, unless revoked. On your death, the Lasting Power of Attorneys come to an end.

In our previous article, ‘Things that cause temporary capacity issues’ we look at the legal and medical definition of capacity in a bit more detail. This article can be found on our website at www.astonbond.co.uk/legal-blog/.

Financial Advice 

Whilst you are getting your affairs in order, this can be a great time to reflect on the assets that you currently have and think about the assets you would like in the future, for example you may wish to purchase a property or a vintage car for example. Seeking advice in relation to your finances at an early stage can often assist with setting clear objectives on how to reach your goals, looking at your finances and setting out realistic options in order to achieve those goals, and having professional advice to assist you in making the best financial investments for you, your future and where you see your future headed. If you would like to speak to a financial advisor, we have contacts that we can share with you.

In addition to the above, whilst you are considering your estate present and future, obtaining financial advice can be a valuable way of reviewing what happens with your pension(s) and how to protect your care home fees from being withdrawn from your estate in order to pay for your care. It is also a good way of looking at succession planning, and in what ways could you protect your estate from paying excess Inheritance Tax. 

At Aston Bond, we offer a free initial consultation to discuss your Wills and Lasting Powers of Attorney(s). If you would like to benefit from this service, please do not hesitate to contact Jade Gani or Mamta Rajanwal on 01753 486 777 or at jgani@astonbond.co.uk / mrajanwal@astonbond.co.uk