If you’re planning to be overseas for a long period of time, then how do you protect your financial affairs? Perhaps now you are able to travel, you will be enjoying an extended holiday abroad or making use of your holiday home. In these situations, it is worth considering how your affairs in the UK would be handled in your absence.
A Lasting Power of Attorney is a legal document that, when properly completed and appropriately registered with the Office of the Public Guardian, authorizes a person or a number of individuals to make decisions on your behalf. There are two types of Lasting Power of Attorney. In that, one appoints an Attorney to deal with matters relating to your health and welfare and the other grants them authority to look after your property and financial affairs. They both are completely separate from each other.
Whereas a Lasting Power of Attorney (LPA) concerning your health and welfare will not be required until you are unable to make those decisions for yourself. An LPA for property and financial affairs can be used even when you have full mental capacity, like when you are out of the country. This provides you with flexibility as well as security. This can be registered and then remain dormant until such time as it is required. If an important letter requiring action was to be received in your absence or emergency repairs needed on your home, or perhaps even an investment opportunity arose, family members or friends would not have authority to deal with the issue on your behalf.
It can be challenging to try and resolve issues while overseas. Some important matters will require your attendance in person or signing in the presence of a witness such as property transactions. Having a Lasting Power of Attorney in place for circumstances like this can be of great benefit and ensure that emergencies and legal matters can still be dealt with quickly and effectively in your absence.
LPAs makes particularly good sense for anyone considering spending time abroad to have one completed to manage their property and financial affairs as an insurance policy. They are a great way of dealing with any unforeseen matters that requires addressing during your time away from the UK. This allows you the peace of mind to enjoy your time abroad.
