1 thing to consider for financial peace of mind

1 thing to consider for financial peace of mind

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If dealing with a terminal illness, the last thing on your mind may be to ensure the bills are paid and finances are taken care of.

To avoid the need to have this additional burden, it is worth considering a Property and Financial Affairs Lasting Power of Attorney. This enable you to name someone (or more than one person as the case may be) to manage your financial affairs on your behalf.

This can be done so that your Attorney can manage your finances even if you still have the mental capacity to deal with these matters yourself. In essence, it allows the burden of this to be lifted from you at a time when so many other important things may take priority.

An Attorney under a Property and Financial Affairs Lasting Power of Attorney can, amongst other things:

1.????Make sure bills are paid;

?2.????Help to arrange care;

?3.????Apply for any benefits which may be available; and

?4.????Generally manage your finances so you don’t have to.

There is a requirement for Lasting Powers of Attorney to be registered with a branch of the Court known as the Office of the Public Guardian, and there are significant delays of up to 15 weeks for registrations to be completed.

As a stop gap, you can enter into a General Power of Attorney to allow someone to manage your affairs straight away if needed. This authority would come to an end if you were to lose mental capacity, but it would be hoped that the registered Property and Financial Affairs Lasting Power of Attorney would be available at that time if it were to arise.

Ensuring a Lasting or General Power of Attorney has the correct legal effect is so important, so please feel free to contact me on 0191 232 8345 or via email at?[email protected]?to talk about this further.?