There are many myths and misconceptions in relation to Estate Planning. Have you stopped to think about whether there is any truth to any of them?
Estate Planning Myth #1 – My partner, spouse or next of kin will be able to manage my finances and take decisions about my health if I become mentally incapable of doing this for myself.
Only if you have Lasting Powers of Attorney in place!
It may come as a surprise to you that there is no automatic legal right for your next of kin to manage your finances or take decisions about your health and welfare. This means that if you do nothing, you and your family could be left in a vulnerable position if you were to lose mental capacity.
Without a Lasting Power of Attorney in place, your family will not be able to access your bank accounts, pay your bills, manage your properties or make decisions about your health. Instead, your loved ones will have to apply to the Court to become your deputies. This process is lengthy, more difficult and much more costly than making out LPAs. In the meantime who will manage your affairs and pay bills for you and make decisions about your health and welfare? No one.
All of this is completely avoidable with a little forward planning on your part.
Click here for more information on Lasting Powers of Attorney or speak to one of our specialist solicitors today!
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