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The flexibility of Lasting Powers of Attorney for Property and Financial Affairs
The current COVID 19 pandemic has classified many people as vulnerable and those people have been advised not to leave their homes.
Many people assume that Lasting Powers of Attorney are only used if and when you lose mental capacity. Now that may be correct in respect of Health and Welfare decisions as it is imperative that you make decisions regarding your own health and wellbeing whilst you are able to do so.
However, Lasting Powers of Attorney for Property and Financial Affairs, if prepared in a certain way can provide ultimate flexibility to be used not only if and when you lose mental capacity but in any circumstances where you give your chosen attorneys the authority to use it, including where you are unable to get out and about to deal with your usual financial affairs.
This may come in useful given current circumstances where you may wish for your appointed attorneys to support and assist you by going out to the bank on your behalf, or managing your money by making withdrawals for you to assist with shopping and other essentials. This does not take control away from you but allows your attorneys to assist where you are unable.
It is important to note that your attorneys must always act in your best interests and involve you in any decisions that they make regarding your finances.
At Nowell Meller our specialist team can guide you through your estate planning and help you to make the right decisions. Contact us now to discuss the options available to you by contacting Stephanie Heath on 01785 813315 or Jemma Blake on 01785 252377.