Andrew Pearson is the current Group Leader of Bowdon Business Club, as Company Director of Dynamic Estate planning he explains the consequences of `leaving things to chance`. He has a wealth of experience, knowledge and expertise regarding Estate Planning and delivers bespoke solutions for both business and private clients in respect of their Wills, Trusts, Lasting and Business Powers of Attorney, Lifetime Settlements, Probate and Tax Planning.
At what age do you become incapacitated?
With approximately 95% of the adult population not having Lasting Powers of Attorney (LPA’s), it is perhaps little surprise not many people have heard about them or understand their very great importance for all of us.
Too many of those who have actually heard of them, think LPA’s are the preserve of old people; their grandparents or parents who may be starting to become forgetful or developing Dementia. Whilst these documents are important to have in place in these respects, it misses the significant impact, not having them in place, would have on all our financial and health affairs, especially if we could not make our own decisions, which could be due to stroke, accident, terminal illness or other causes of incapacity that can affect us all.
Most of us renew our house, car and business insurances annually. We take out life cover to protect our family in the event of death. We don’t do this hoping to make a claim, especially on the life cover(!), but to give us peace of mind that if the worst were to happen, we are covered.
Lasting Powers of Attorney provide fundamental legal peace of mind.
If people were to take more time to consider the implications and risks they face if they became incapacitated and don’t have LPA’s in place, they would realise the significant impact this would have on them, their family and even their businesses. Consider these questions and if you answer yes to any of them, you really need to get informed about LPA’s and how they would help and protect you;
In any of these events, if you, or perhaps your partner become incapacitated, access to your income, bank accounts and investments would be frozen, and yes, that would include joint bank accounts. See what the British Bankers Association say;
Worse still, if yours or your partners income was initially paid to a sole account, how would you or they manage financially if that income was frozen and no longer accessible? Not even to pay living expenses, medical or residential care bills.
As you hear on the travel news, there are traffic accidents all the time. Think how people involved and their families are impacted, not only in their health and welfare due to incapacity, but also financially?
As I experienced driving home from Scarborough at Easter, incapacity does not just occur in old people. It is equally real for the young girl in the car crash on the M62 that I witnessed and narrowly avoided.
Dynamic Estate Planning
19 Dimple Park, Egerton,
Bolton BL7 9QE,
Contact: Andrew Pearson
Dynamic Estate Planning