Lasting Powers of Attorney
Incapacity can strike at any time and is not simply age related. 1 in 4 of us will lose the ability to look after ourselves and will need one or more trusted individuals to handle our affairs.
Without the existence of a Lasting Power of Attorney, a person who is not of our choosing may be appointed by the Court to look after your affairs. This process, known as Deputyship, is cumbersome and can often lead to distress, delay and significant costs.
Many of us have others who rely on us, whether family, friends, business partners or employees. In an understandably security-conscious world, it is however no longer possible for assets to be readily accessed at times of incapacity. You could, for example, be travelling abroad on business or holiday and find yourself stranded. Even though you may be accompanied by a trusted companion, without formal legal authority, that person will have no capacity to formally deal with matters on your behalf even in an emergency.
For those running a business, you should consider how disruptive it might be were you to be incapacitated, unable to sign cheques or take any active part in directing the company. You could find that a relative stranger is appointed to sign documents on your behalf relating to your business. This can cause great concern for relatives and commercial partners.
The solution is to take out a Lasting Power of Attorney. Lasting Powers of Attorney can be carefully drawn up to cover business affairs only, or to cover a combination of business, personal, financial and property affairs. You can specify exactly the extent or limit of each of your attorney’s authority and you can also provide for successor attorneys, should your primary designated attorney fall ill.
At Gross & Co we provide clear and practical advice in a friendly environment to help you to decide how best to draft a Lasting Power of Attorney, reflecting your precise wishes. Based in Bury St Edmunds, Suffolk we are ideally placed to offer a cost effective, efficient legal service, drafting a Lasting Power of Attorney for clients throughout East Anglia.
We regard our clients as individuals, so we prefer to have a face-to-face meeting to discuss your circumstances and wishes. However, there are times when this is not possible and we are happy to advise you according to your needs.
What else can we offer?
- Will writing
- Advance Decision (previously Living Will)
- Administration of Estates and Trusts
- Tax Planning
- Deputyships under the Court of Protection
- Financial issues for the more mature client including care costs