Wills & Lasting Powers of Attorney: Securing Wealth, Protecting Dreams
Infinity Protect: Your Trusted Partner for Financial Security
Your Last Will & Testament is arguably one of the most important documents you will ever own. It is a document that transcends mere legal formality; it becomes a key guide in safeguarding not just your hard-earned assets but the long-term well-being of your family.
At Infinity Protect, we offer simple, professional services to our clients to ensure that their Will’s are comprehensive, up-to-date and efficient for all parties involved.
Streamlined Decision-Making: The Role of Lasting Powers of Attorney
In addition to the Last Will and Testament, we recognise the critical importance of the Lasting Power of Attorney (LPA).
Within this realm, there are two pivotal types:
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Property and Affairs Lasting Power of Attorney: Granting your appointed attorney the authority to manage your property and finances in accordance with your explicit instructions.
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Personal Welfare Lasting Power of Attorney: Empowering your chosen attorney to make decisions concerning your welfare and healthcare when you are unable to do so due to a lack of mental capacity.
These LPAs serve as essential tools in empowering your trusted representatives to act in your best interests, ensuring your values and preferences are upheld even in challenging circumstances.
Our partners at Honey Pro stand ready to assist you in navigating the complexities of Lasting Power of Attorney. As you take proactive steps towards securing your future and that of your loved ones, our collaborative approach ensures you have the support needed to make informed decisions for lasting peace of mind.
Click the link below if you would like more information or to contact a team member for further guidance on the Lasting Powers of Attorney.
Last Will & Testament Vs. Lasting Powers of Attorney: What are the Differences?
Lasting Powers of Attorney (LPAs) and Last Will and Testament, despite being different, serve complementary roles in the realm of personal and financial planning. While a Last Will and Testament primarily comes into effect upon the individual's passing, outlining the distribution of assets, guardianship of minors, and funeral preferences, LPAs operate during the individual's lifetime.
Lasting Powers of Attorney empower someone you trust to make decisions on your behalf if you become unable to do so due to mental incapacity. This can encompass health and welfare decisions, as well as the management of financial affairs. A Will, on the other hand, directs the distribution of your estate after death.
Lasting Powers of Attorney
- Operational Period: LPAs are active during an individual's lifetime, providing a mechanism for decision-making in the event of mental incapacity.
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Decision-Making Authority:
- Health and Welfare LPA: Empowers an appointed individual to make decisions about healthcare, living arrangements, and other personal welfare matters.
- Property and Affairs LPA: Grants authority to handle financial matters, including managing bank accounts, paying bills, and handling property transactions.
- Flexibility During Incapacity: LPAs allow for flexibility in decision-making during periods of incapacity, ensuring that the appointed individual can act promptly and in the best interests of the individual.
- Preventing Court Intervention: By appointing an attorney through LPAs, individuals can avoid the need for court intervention in the case of incapacity.
Last Will and Testament
- Operational Period: A Will comes into effect upon the individual's passing, outlining the distribution of assets and the fulfilment of other posthumous wishes.
- Asset Distribution: Specifies how assets, properties, and personal belongings are to be distributed among beneficiaries.
- Guardianship: Designates a legal guardian for minor children if both parents are deceased.
- Funeral and Burial Preferences: Outlines preferences for funeral arrangements and burial or cremation.
- Probate Process: The Will typically goes through a probate process, where its validity is confirmed, and the wishes outlined within it are executed.
Key Differentiators
- Timing of Effect: LPAs are operational during an individual's lifetime, while a Will takes effect posthumously.
- Decision Scope: LPAs cover decision-making during incapacity, including health, welfare, and financial matters, whereas a Will primarily addresses asset distribution and guardianship.
- Flexibility: LPAs offer flexibility and ongoing decision-making capabilities, whereas a Will is a one-time directive executed after death.
- Probate Requirement: While LPAs do not go through probate, a Will typically does, subject to court confirmation.