Landlords may need a Lasting Powers of Attorney (LPA) if they become mentally incapacitated and need someone to act on their behalf.
There are two different types of LPA, one covers property and financial affairs and one covers health and care. Landlords would benefit from a financial LPA especially, as they would need to protect their properties and investments in the event of mental incapacity.
An LPA is a document that enables a person to appoint an attorney to make decisions for them regarding either their property and assets or health and care, in the event that the appointer is unable to make their own decisions. You can set an LPA up at any point in your life, but it’s a good idea to think about an LPA if you have just experienced a major life event or change, such as buying your first home or the accumulation of assets from the sale of a business or inheritance. You must be over 18 to appoint an LPA.
It’s a good idea to set up an LPA, due to the fact that, if you become incapacitated and you haven’t got an LPA in place, your family members or spouse will not necessarily be able to make decisions on your behalf or speak for you. If they want to act on your behalf, they must apply for a ‘deputyship order’, which is a lengthy and expensive process, and is more complicated than executing and registering an LPA.
With an LPA in place, you can gain peace of mind that your assets and property will be managed by a person who you trust and has your best interests in mind and they can make decisions regarding your care whilst knowing your wishes and beliefs.
A lasting power of attorney for business owners or landlords would be especially beneficial due to the investments and assets they own. Securing an LPA would enable you to allocate who takes care of your investments and assets, should you find yourself unable to make your own decisions regarding them. With a financial LPA, you can decide who controls your bank accounts, properties, shares and investments.
For landlords, the assets and properties acquired over time are important and valuable, and in the event that you are unable to make your own decisions, you’ll want to appoint or choose someone, such as your business partner/partners, a family member or someone who has your best interests in mind and can oversee and make decisions regarding your properties and investments. Without an LPA in place, your business partners and family members could be faced with a complicated and costly process of getting access to or control of your assets or business when you are unable to manage them yourself.
You can contact us for information on all the services we provide, including advice and help on a number of issues, or more information regarding LPAs and attorneys, properties or legal affairs. You can contact us via 03300 167 847, or visit us at our firm in Crosby.
See our post on the Renters Reform Bill and its effects on both tenants and landlords.
