“A powerful legal document which allows you to appoint an individual of your choice, to look after your affairs should you no longer wish to make decisions or lack the capacity to manage your affairs yourself.”
What Happens if you don’t have an LPA?
You could become mentally incapable as the result of an accident, illness, or old age. Without an LPA in place the only way your financial affairs can be managed is by an application being made to the Court of Protection for a Deputyship order.
You may have had discussions with your loved ones about your wishes should the unthinkable happen regarding life sustaining treatment. Without an LPA in place those wishes may be disregarded and a doctor will decide on your behalf.
Alex suffers an unexpected illness or accident, resulting in a loss of mental capacity
Without an LPA
Sole bank accounts are frozen
Joint bank accounts may be frozen
Bills can’t be paid from Alex’s money
Investment decisions can't be made and any previous authority given to make investments is cancelled
Executor is legally and financially liable
Property can't be sold meaning a cohabiting partner can't move house
Next of kin don’t have the legal right to make decisions about medical treatment
Next of kin don’t have the legal right to make personal choices e.g. for care
With an LPA
Alex has legally appointed a representative to make decisions about finances
The bank recognises the chosen representative’s legal authority and no accounts are frozen
Investment decisions can be made by Alex’s representatives
Bills can be paid as normal
Property can be sold if needed
The representative has the legal right to make decisions about Alex’s medical treatment
The representative can make personal choices for Alex
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The regulated activities concerning probate and trust services that Trust Family Associates offer are provided by one of the panel of SRA regulated solicitors that Trust Family Associates work with.