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How Does a Lasting Power of Attorney Work?

Guide to equity release

Otherwise known as an LPA, a lasting power of attorney is intended to allow those closest to you to make decisions on your behalf in the event that you are incapacitated. While this may sound a bit morbid, the fact of the matter is that none of us know what the future may hold. What if you are involved in a serious accident and the decision to remove you from life support must be taken? Perhaps you suffer from Alzheimer’s disease later in life and your mental capacity has greatly diminished. These are two examples when assigning someone a lasting power of attorney is essential.

Two Types

There are two different categories of lasting power of attorney. These are your health and welfare and your possessions. You can choose a discrete option or choose both for the greatest amount of coverage and peace of mind. According to the www.gov.uk website, the process is relatively simple. You will first need to choose who you wish your attorney to be. Then, the necessary paperwork will be filled out. After paying the mandatory registration fee of £110 pounds, the Office of the Public Guardian will recognise your claim. Should any unfortunate circumstances befall you, you can be assured that those closest to you will be able to make the most important decisions.

Just One Step

Lasting power of attorney is only one concern to address. It is just as critical to compare the funeral market plans that are the most relevant to your needs. What price range can you afford? Do you require a burial or a cremation? Will you pay in a lump sum or with monthly premiums? These are some of the questions which are important to answer.

Of course, this can be quite a process and such a decision should never be taken lightly. This is the main reason why we at Compare Funeral Plans UK have put together a compendium of the most respected plans on the market. It is now quick and simple to compare the funeral market plans that will protect you and your family the best. While power of attorney is important, being financially prepared for the future cannot be overlooked.

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