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If you were no longer able to make decisions for yourself because of an accident or an illness such as a stroke or dementia, who would act on your behalf to carry out your personal and financial affairs?
You may need to sell your house so you could move somewhere more accessible. Your partner or children may need to access your bank accounts and investments to pay for your care or deal with other day-to-day financial matters.
This situation can become complicated and time-consuming, worsening an already difficult situation for your family. People often assume that a partner or child automatically takes over responsibility for their affairs if they are no longer able to manage.
This is not so. Your assets could be frozen and may be managed by the Court of Protection.
Lasting power of attorney (LPA)
You can set up a lasting power of attorney at any time, not just when making a Will. A lasting power of attorney allows you to nominate one or more attorneys, normally your spouse or partner, children, friends or a professional, to look after your affairs if you are unable, or unwilling, to do so yourself.
There are two types of LPA:
Property and financial affairs LPA
This covers decisions affecting your bank accounts, investments, bill payments, pensions, and other assets, such as:
Health and welfare LPA
This applies to decisions about your medical and care needs as well as where you may live if you were to move into a care home. It includes:
By putting LPAs in place, you can be sure that your assets, medical treatment, living arrangements and day-to-day life will be taken care of by someone of your choice, acting in your best interests.
Registering a power of attorney (POA)
You can register a power of attorney with the Society. This enables your attorney to manage your existing accounts as well as open new ones.
To register a power of attorney, we need the following:
Powers of attorney can also be added to online accounts when the POA has been registered with the Office of the Public Guardian.
Need more information?
Alternatively, to make an appointment, simply pop into your local branch or call the Melton on 01664 414141.
*Photocopied documents can be certified by an appropriate person such as a solicitor, accountant, doctor or through the Post Office’s Document Certification Service (a fee may apply for these services).
Call one of our friendly advisors on 01664 414141. Opening hours 9am to 6pm Monday to Friday and 9am to 12pm on Saturdays.
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