Coronavirus - LPA

Why a Property and Financial Lasting Power of Attorney is so helpful in times of crisis such as the coronavirus

A Property and Financial Lasting Power of Attorney (LPA) can be an incredibly helpful way of allowing a person you trust to manage your financial affairs if you are not able to do this yourself.

We are all witnessing how our massive sophisticated planet and civilisation can be brought so low by the tiniest organisms and are living through very challenging times.  We will also know people who are self-isolating and who are ill and these individuals are very vulnerable indeed and need all of the help they can get.  An LPA can provide just that help, enabling trusted individuals to carry out key tasks that may just be too difficult for individuals at the moment.

Ideally, an LPA should be executed well in advance of any period of illness or incapacity.  But so long as the person signing the document still understands its full meaning and effect, it is still possible for them to sign a valid LPA.

The benefits of a property and financial LPA

Trusted individuals can (as soon as the document is registered with the court) step into your shoes and carry on your financial life for you, involving you in all decisions but otherwise relieve you of the day to day burden of managing your financial life while coping with the crisis in hand.

The best option is usually to sign an LPA well in advance of when it is needed.  It does not need to be put into force until such time as capacity is lost but you will need to bear in mind that the court will take about 8 weeks to register a document and so the sooner you start the process, the better.

If you would like to speak to an expert in LPAs and Wills, ring us on 01243 216900 or email us at info@legalmatters.co.uk.

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