How can Lasting Powers of Attorney ensure that my assets are protected for my family?

Whilst it’s commonly understood that having a Will in place protects your assets for your family after you die, it’s important to consider what happens if you lose capacity to make decisions during your lifetime. The prospect of someone else making choices on your behalf due to mental or physical limitations can be upsetting, but making Lasting Powers of Attorney allows you to choose people you consider to be suitable for this role and to understand their responsibilities in making decisions for you.

A property and financial affairs Lasting Power of Attorney (LPA) can give you peace of mind in terms of who manages your bank accounts, investments, and family home, allowing you to outline your preferences for handling these assets during your lifetime, including provisions for financing any care you may require.

Knowing what to include in the preferences section of your LPA can be daunting and may involve difficult conversations with your loved ones. Lifetime Lawyers (https://www.lifetimelawyers.org.uk/) are specialist lawyers who work with you and your chosen attorneys to think through some of the possible scenarios that may arise, helping you to make the best decisions based on your personal circumstances. The Private Client team at Owen Kenny are Lifetime Lawyers. Contact us at Owen Kenny on 01243 532777 or email info@owenkenny.co.uk with your enquiry.

#privateclient #powerofattorney