If you have a family, business, or other responsibilities, you most likely have a will of some kind. And it’s in your best interest to make this will as official and binding as possible. With a Lasting Power of Attorney Birmingham, you are appointing people to take care of your affairs. You choose who gets the Lasting Power of Attorney so-to-speak.
If you would like some more info on how it works, this article should clear up some of your questions.
Why Is An LPA Necessary?
If you have a will in place, you are probably wondering why an LPA is necessary? Complications can arise in two ways if you don’t officially choose a person to handle your affairs. Firstly, if you become mentally ill, or otherwise unable to take care of your financial affairs, your family won’t have the legal right to take over. The same goes for when you pass on. If nobody was officially appointed to take over for you, somebody will be appointed by the court.
If it happens that nobody was appointed, and family members want to take control, they will need to send an application to the Court of Protection, who will then choose a temporary deputy.
Of course, this is not the way you want it to happen, especially if there are people depending on you. Just like you place importance on your life insurance, you need to get your LPA in order.
Different Types Of LPA
There are two different types of Lasting Power of Attorney Birmingham. One is for property and financial affairs, while the other is focused on health and welfare.
In terms of property and financial affairs, you’ll be giving your attorney the right to handle your decisions regarding any finances or assets.
You will also be giving them the legal right manage your bank accounts and even deal with your investments. It goes without saying when you make this choice you need to be able to trust your attorney.
With the second option, namely health and welfare, you will be giving your attorney the rights to make decisions for you in case you can’t. This is usually for mental illness situations when you can’t make responsible decisions any longer, then you won’t need to stress about losing money or investments.
Who Can You Choose?
You are at liberty to choose anybody who is sound of mind to handle your affairs. In fact, you can appoint several people to make sure your will is carried out the way you want it.
In most cases, people appoint close family members and spouses. But they also consider attorneys, especially when it comes to maintaining good business direction.
What Type Of LPA Do You Need?
Everything depends on who you are responsible for. If you have a family, you have to make sure they are taken care of without the need to jump through hoops. If you have a business, give your employees some security and safety.…