Mr S was recently widowed. Under his late wife’s Will he received her entire estate. Mr S was concerned about what would happen if he became unable to manage his own affairs particularly given that all their matrimonial assets are in his sole name.
Mr S always just assumed that his children would automatically be allowed to deal with his affairs as his next of kin but he wanted to check his legal position.
Mr S was right to be concerned because at that time there was no-one with the authority to manage his affairs. Co-op Legal Services recommended that Mr S put in place a Lasting Power of Attorney. This means that if he ever lost capacity perhaps through age, illness or accident then he would have someone he trusted to make decisions of his behalf.
There are two types of Lasting Power of Attorney. One covers Property and Financial Affairs and the other covers Health and Welfare.
By making one or both types of Lasting Power of Attorney at the same time, Mr S could appoint his children to be his attorneys and decide whether they should make decisions jointly or independently of each other. He could also appoint a replacement attorney if his children are unable to act.
For more information about Lasting Power of Attorney call the Lasting Power of Attorney writers at Co-op Legal Services on 03306069591 or contact us online and we will help you.