Latest News within Lasting Power of Attorney
All businesses protect their buildings and assets with insurance in the event that the worst should happen, but very often, no consideration is given to what would happen to the business if a key decision maker was suddenly not around. Without anyone appointed to take over the running of the business, even if only temporarily through illness, important deadlines and decisions may be delayed or even missed, putting the future of the business at risk.
The phrase ‘putting your affairs in order’ is quite commonly used, but what exactly does this process entail? We’ve written this blog to help explain in detail what may be involved in the process and we also highlight some of the key things you will need to consider along the way.
You will have seen lots of articles recommending that you plan for death by writing a will, but what happens if you become unable to make decisions for yourself whilst you are alive; either through illness or accident? Who will make decisions on your behalf and how will your finances be run?
We all increasingly live our lives online whether it be through various social media profiles to paperless billing for your gas and electricity account. When you’re in control, there’s no denying it makes life simple and even if you lose or forget your password, a link will be sent to your email account and within seconds you’re back in control.
Setting up a trusted family member or friend with a Lasting Power of Attorney (LPA) ensures that someone else is able to make important decisions for you when you’re no longer in a position to be able to make them for yourself. But this in itself is always going to be a key decision in your life, so it’s important to consider the benefits and risks before going ahead with giving another person the authority LPA unlocks.
With Internet usage in the UK at its highest ever levels and growing, perhaps it's time for people to give some consideration to the protection of their digital assets? Over 80% of UK adults access the internet every day, using sites such as Facebook and Twitter for social purposes but also transactional sites such as eBay for the sale of goods for money.
guardian.co.uk, Monday 18 July 2011
Legal ombudsman calls on government to take action over unregulated companies offering consumer financial services.
Which? says there is a lack of clarity over financial services including will writing.
Thousands of people are being ripped off by unregulated claims management and will writing companies, the legal ombudsman has said in his first annual report.
If you have a business, a partnership or are a company director then you should consider appointing a Power Of Attorney. This allows you to delegate decision-making to your attorney if for any reason you can’t be there to make the decisions yourself. You can limit their power to a specific time frame and also limit the decisions they are able to make for you. For example, if a lease for new premises needs to be signed on the 29th of the month, when you will be in the south of France, you can nominate someone to have power to sign that specific lease on that specific day.