WHAT IS POWER OF ATTORNEY? DO YOU NEED IT?

WHAT IS POWER OF ATTORNEY? DO YOU NEED IT?

Lasting Powers of Attorney are invaluable documents as part of the overall planning of your estate as managing your financial affairs can become more difficult as you get older. If a person is unable to manage their affairs due to mental incapacity and they have not made a valid Enduring or Lasting Power of Attorney, their assets will be frozen as no one (including their spouse and children) has the authority to deal with them. At this point someone will need to apply to the Court of Protection to be appointed as the person’s Deputy. The Court will then authorize the Deputy to deal with the person’s affairs in a certain manner. This is a very time consuming (around 6 months) and expensive (in the region of £1,750) process. This situation can be simply avoided through the making of a Lasting Power of Attorney. By making a Lasting Power of Attorney you can decide whom you would like to manage your affairs in the event that you are unable to do so either due to physical or mental incapacity. There are two types of Lasting Power of Attorney that can be made, one dealing with your property and financial affairs and the other dealing with your personal welfare.

Personal Welfare

This power gives your attorney the authority to make decisions regarding your healthcare and medical treatment.

Property and Affairs

This power enables your attorney to deal with your bank accounts and your property. This includes decisions in relation to selling or renting your property, paying your bills, applying for benefits you are entitled to and all aspects of dealing with your bank accounts, savings and investments.

If you are considering Lasting Power of Attorney, then Crichton Wills Trusts & Probate can undertake the work. Based in Northumberland,  all work they undertake are at fixed fees: Single Property and Affairs Lasting Power of Attorney: £300 inclusive of VAT Double Property and Affairs Lasting Power of Attorney (suitable for couples): £420 inclusive of VAT Single Will: £120 inclusive of VAT Mirror Will: £156 inclusive of VAT It is imperative that specialist advice is taken in order to ensure that the power given accurately reflects your wishes. Call Crichton Wills Trusts & Probate on 01670 514772 and speak to a specialist adviser today who will be happy to discuss any concerns you may have and offers a free no obligation appointment in the comfort of your own home.

For more information visit www.crichtonwtp.co.uk

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