What if you became incapacitated by illness, accident or simply old age?
Who would pay the bills, manage your savings, or even speak on your behalf on medical matters etc?
The best way to handle this is to create a Lasting Power of Attorney (LPA). This lets you choose who you want to manage things for you, be that a relative or a friend. To make an LPA you must be mentally capable, so putting it off now might mean that it cannot be done later.
The person (or people) you appoint as attorney must act in your best interests and your money and assets remain yours. Nevertheless, you can place restrictions on them within the document if you feel it appropriate.
Your Will writer can help you with this, and it is often best done at the same time as making your Will.
Freshwater Wills charge £249 for each Lasting Power of Attorney (LPA).
Before the LPA can be used it has to be registered with the Office of the Public Guardian, a charge of £82 is paid direct to the OPG.