A Lasting Power of Attorney (LPA) is a legal agreement for somebody to be appointed in charge of a person’s financial and personal affairs in the event of their mental or physical incapacity. This is essential for the wellbeing of that person as without assistance they may see personal and financial decisions made (or not made) on their behalf by people who are not best placed to look after their interests and wellbeing.

You would usually have a younger family member set up as your LPA and you may choose more than one if you see fit. For many people there would be a detriment if they weren’t able to manage their finances for even a short period of time and holding an LPA will help ensure this risk is not taken.

You should not wait until you are near mental incapacity to set up an LPA, if you are not deemed fully aware of the appointment then the LPA cannot be set up. The sooner you set one up the better, it may not just be old age that causes the need for someone to act on your behalf, it may be illness or injury. Business owners should certainly have an LPA in place, especially before selling, this ensures that your business can keep running through essential periods, even if you are incapacitated.

FTA Financial & Wealth Management work with associated professionals who can construct a lasting power of attorney to ensure your business, estate, and affairs are looked after in the event of your incapacitation.

Contact us today for your free, no-obligation consultation on Wills & Lasting Power of Attorneys and we will help protect your family and estate.