Lasting Powers of Attorney

1. • This allows the attorney to manage your finances, such as paying bills, managing bank accounts, collecting pensions, or selling property.

   • It can be used as soon as it's registered, but only with your permission, or , only if you lose mental capacity.

   • Did you know?

A Lasting Power of Attorney is important for joint bank accounts as, contrary to common belief, access to the account might be restricted if one account holder loses mental capacity. 

If one of the account holders loses mental capacity (due to illness or injury), banks often freeze the joint account to protect the incapacitated person’s assets. This can make it difficult for the other account holder to access funds for essential expenses like bills, mortgage payments, or care costs. 

Having these Lasting Powers of Attorney in place ensures that trusted individuals can step in and make important decisions if the donor is unable to, giving peace of mind and avoiding lengthy and costly legal processes later.