What would happen if you were suddenly unable to make decisions or deal with your own financial affairs?
You probably assume that your family will just sort things out for you. However, legally this is often not possible.
Who can access your money, pay your bills, make insurance claims and be involved with your health care decisions? Even a spouse or parent does not have the automatic right to do this. Legally unless there is an EPA* or LPA in place only you can.
There are 2 different types of LPAs, one allowing you to select somebody to deal with financial affairs and the other somebody to deal with health decisions.
LPAs are an insurance policy. They provide peace of mind that somebody can deal with your affairs if you can’t. You hope you don’t need an LPA, but if you do you will be very relieved that there is one in place.
*EPAs are only valid if they were signed prior to 1st October 2007 (date on which LPAs came into force)