Losing the main earner of the family can be devastating. One of the things you can do to solve your family problems is to write a will – you probably already have done this. It's always a good idea to make sure that your will is valid and current. However, many people do not go any further and assume that this will will provide their families with the protection and organization they need.
But what happens if you are involved in an accident or fall victim to an illness that did not result in your death, but lost your ability to do business? You can leave your family with significant financial and practical problems at a time when they are also facing emotional difficulties and challenges. You can also look for the professional power of attorney solicitors in London to solve your problems.
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All of this can be avoided by directing the solicitors to issue a Lasting Power of Attorney (known as the LPA). Today, LPA can be as important as a will.
What is involved in setting up a lasting power of attorney?
1. You have complete freedom to choose a lawyer, even if he/she must be over 18 years old and not go bankrupt or have a mental breakdown.
3. Your attorney may have the authority to safeguard your money and property only, or you may allow them to make decisions about other non-financial matters, including where you live or the type of medical care you will receive.
4. You must sign your LPA when you are mentally healthy and fit. This can apply before and after you can't manage your own business.
5. At the LPA, you can provide guidance to your attorney on issues you would like to consider when your lawyer has to make decisions for you.
If you plan to issue a permanent power of attorney, be sure to seek advice from a lawyer who has experience in preparation.