Tony Freeman looks at how make a Will and lasting power of attorney to protect your assets2nd May 2017
Tony Freeman has looked into a review by Martin Lewis, Money Saving Expert, suggesting that every adult with assets should have Lasting Power of Attorney (LPA), as well as a Will.
Without the LPA in place it means that should you lose your faculties due to stroke, injury or dementia, access to all your assets will be frozen and it means that your family would not be able to access your accounts to pay the mortgage, let alone for any care costs.
In fact, Martin Lewis has stressed that making an LPA is of even greater importance than a Will because it will protect your family and yourself from “costs and shocks”.
If you were to die without a will you don’t choose where your assets go. However, should you be unfortunate to lose you faculties, without Lasting Power of Attorney means that should you be in a position to afford to pay for care from your own pocket – relatives will not be able to access your cash.
As Martin Lewis advises: “With an LPA you nominate a trusted friend/relative to take control of your assets ONLY if you lose capacity. It’s a bit like an insurance policy in case the worst happens.
“The cost of registering an LPA in England & Wales has just dropped from £110 to £82 – the government wants to encourage more people to take this step. In Scotland it remains at £75, in Northern Ireland £115. If you’ve simple circumstances and know what you’re doing, you can DIY it online.”
This is clear advice from an expert and something Tony Freeman suggests we should all act on and guarantee we are insured in the event where we need someone to take control of our assets as we won’t be capable of doing so.
11th September 2017Read more