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'Lasting Power Of Attorney'
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Equity Release, Should You Be Scared?
Lasting Power of Attorney (LPA)
Did you know that if you or your partner lost mental capacity, you could be locked out (or have severely restricted access to) your joint bank and building society accounts?
The bank or building society usually restricts the use of the account to essential transactions only. Incredibly this can mean that things such as your mortgage, council tax, utilities, school fees, car costs and subscriptions may go into severe arrears or cause deep embarrassment. In some cases, legal action.
There’s a tendency to think that losing mental capacity only affects the elderly, but this is not the case. The onset of dementia or Alzheimers isn’t predictable. Other diseases that are associated with losing mental and physical capacity mean that if action is taken too late, or not at all, the chaos surrounding financial matters can lead to increased misery and financial inconvenience.
LPA’s are split into two main categories, and there’s a third for business owners.
1.Property and Finance LPA.
Paying bills, buying and selling your property. Managing bank accounts, savings and investments.
2. Health and Welfare LPA
For decisions about health, care, and where to live. This can only be used if someone is incapable of such matters themselves
3.Business LPA
For financial issues within the business.
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