Equity Release - Lasting Power of Attorney - July 2020
This video Equity Release - Lasting Power of Attorney explains the importance of appointing somebody of trust to manage your affairs when it may become appropriate.
A Lasting Power of Attorney (LPA) is a powerful legal document. It allows you to choose people to act on your behalf should you later begin to lose your ability to manage your personal affairs because of physical or mental incapacity. It takes effect, if need be, during your lifetime and is completely separate to a Will.
Creating an LPA gives you the reassurance that you know who’ll make decisions for you once you cannot make them yourself. That person will be someone you know and trust to act in your best interests. Having the LPA in place saves considerable expense and time should your family later need to make decisions for you.
Health and Welfare LPA.
Allows a trusted representative to look after your health and welfare, should you be unable to or not want to do so yourself. Decisions the attorney can make include where you live or what medical treatment you get. This type of LPA can only be used when you lose mental capacity to carry out your own affairs or look after yourself.
Property and Financial Affairs LPA.
This type of LPA can be used even when you are able to make your own decisions. If you’d like your property purchases and sales, alongside your financial affairs, to be in the hands of a trusted representative, your LPA can become active as soon as you register it. Alternatively, you can choose for your LPA to only come into effect when you lack mental capacity to handle your own affairs. Your chosen person with power of attorney can make decisions about a variety of things, such as:
Buying or selling property
Managing bank accounts
Welfare and tax benefits
Tax
Debts
Attorneys do not need to be professional people; they can be friends or family members. Make sure that each person that you intend to nominate agrees to act as Attorney. If you are creating both types of LPA, then Attorneys can be different on each one. Attorneys must be aged 18 or over and have mental capacity.
A person who is currently bankrupt or has a debt relief order cannot be an attorney on an LPA for financial decisions. If you become bankrupt or become subject to a debt relief order the LPA will be cancelled.
It is important to remember that if you lose mental capacity whilst you have outstanding equity available to be drawn, you would not be able to, so having an Attorney in place to act on your behalf is imperative.
This LPA will only be valid in England and Wales.
Lasting Powers of Attorney must be registered at The Office of the Public Guardian before it can be used. There is a registration fee of £82.00 payable for each LPA.
I would be happy to discuss your will and LPA requirements with you and help you to put them in place.
Here is a summary of the 20 videos in this series available to view now.
Who Is Pat Cunningham and Why Is He Explaining Equity Release ?? • Who Is Pat Cunningham & Why Is He Explaini...
What is Equity Release ?– July 2020 • What is Equity Release? -July 2020.
Equity Release - What is Compound Interest in a Lifetime Mortgage ? - July 2020 • Equity Release - What is Compound Interest...
How do you qualify for Equity Release? - July 2020 • How do you qualify for Equity Release? - J...
Equity Release Safeguards and Guarantees - July 2020 • Equity Release Safeguards and Guarantees -...
Getting Permission from Occupants for Equity Release - July 2020 • Getting Permission from Occupants for Equi...
How Long Does It Take To Arrange Equity Release ? - July 2020 • How Long Does It Take To Arrange Equity Re...
Equity Release Early Repayment Charges - July 2020 • Equity Release - Early Repayment Charges -...
What Happens with Equity Release when You Enter Long Term Care ? - July 2020 • Equity Release - What Happens When You Ent...
What Happens with Equity Release when You Die ? - July 2020 • Equity Release - What Happens when You Die
Can You Still Move Home with Equity Release ? - July 2020 • Can You Still Move Home with Equity Releas...
Equity Release - How Much Can You Borrow ? - July 2020 • Equity Release - How Much Can You Borrow ?...
Equity Release - Home Reversion Plan - July 2020 • Equity Release - Home Reversion Plan - Jul...
Equity Release - Retirement Interest Only Mortgage (RIO) - July 2020 • Equity Release - Retirement Interest Only ...
Equity Release & The Importance of Making a Will - July 2020 • Equity Release & The Importance of Making ...
Equity Release - Lasting Power of Attorney - July 2020 • Equity Release - Lasting Power of Attorney...
Equity Release – Inheritance Tax • Equity Release - Inheritance Tax
5 Equity Release Myths Dispelled • 5 Equity Release Myths Dispelled
10 Equity Release Reasons • 10 Equity Release Reasons
Equity Release Explanations Conclusion • Equity Release Explanations Conclusion.