Are You Uncertain About Your Future? Here Are 4 Ways In Which A Lasting Power Of Attorney Can Help
The only thing we are certain about is the present. The next year, month, week, day, or hour is a toss-up. While this is obvious to all, no one thinks more about the future than the bedridden and the elderly.
They can’t afford to make grand plans because they don’t know what the future holds. They can only account for the present. Usually, when people get up in age, they get a will to detail how their assets are distributed after they die.
But what if something were to happen while you’re alive? What if you go into a coma, or have severe memory loss due to brain damage? What happens to your assets then?
Your will can only be effective after you’ve passed so your family and friends won’t receive any benefits until you stop breathing.
As far-fetched as these events may seem, freak accidents happen. This is where a Lasting Power of Attorney (LPA) is useful. Some of its advantages are highlighted below.
An LPA helps you make better decisions
Making the wrong choices can cripple you for life. If you’re dealing with a mental illness and make critical decisions often, you may need to get an LPA.
When a decision has to be made and you’re not well enough to make it, the LPA guarantees that your assets will be managed in your absence.
Unlike a will, an LPA comes into effect while you’re alive.
An LPA secures your family’s future if the unexpected happens
Similar to a will, an LPA ensures that your family gains access to your assets. It also allows for you to appoint managers/attorneys to carry out legal functions that you would have wanted to do.
Depending on who you choose, your LPA can preserve your assets even if you’re not capable of working anymore.
An LPA comes into effect at your discretion
You can execute the functions of your LPA at any time. Even if you’re still healthy enough to manage your assets. It gives you and your loved ones the type of security that a will cannot.
An LPA allows you to choose who you want to manage your assets
If an accident happens and you don’t have an LPA in place, the only way your resources will be managed by those you trust is through death.
If your family and trustees were able to apply for control, it would be a tedious and expensive process. Additionally, there is no guarantee that the courts would rule in their favor.
If you live in Harrow, London and the benefits highlighted compel you to get an LPA, LPA Now can help. Their services are cost-effective and allow you to enjoy the full benefits of a registered LPA.