You need someone to run your affairs if you become incapable of doing so yourself.
Perhaps with the emergency events going on throughout the world, it is perhaps more important to consider making an LPA.
When it comes to planning for later life, most of us focus on our pensions and whether we have saved enough for luxury holidays.
But what happens if you become incapable of making or communicating your decisions?
More and more of us are making plans for what happens if we lose our mental faculties in later life.
A Lasting Power of Attorney (LPA) gives a friend, loved one, or relative the power to manage our affairs when we no longer can.
In 2018 over 800,000 LPAs were set up in England and Wales, triple the figure for 2013.
Every three minutes somebody in the UK develops dementia, so getting an LPA in place should be on everyone’s to-do list.
If you lose your mental capacity and don’t have an LPA, your family would have to apply through court to run your affairs. This is an application to The Court of Protection, and can be very expensive and time consuming. Also whilst the application is being made, your affairs are effectively suspended and in stalemate which could cause serious and financial difficulties.
Those who don’t have an LPA risk causing extra stress and expense for their family and friends, while their own wishes about their finances or health might not be taken into consideration.
There are two types LPA: one for health and one for financial affairs. You can choose whether you want to have one or both, but it makes sense to arrange both at the same time.
The financial LPA will cover managing bank accounts, paying bills and collecting benefits, while a health LPA allows someone to make decisions about your medical care, and when and where you should go into care.
Setting up an LPA is a fairly straightforward procedure, and there is a fee to be paid to The Office of the Public Guardian of £82 for each LPA that is requested.
Picking a Person
The most difficult part of an LPA is deciding who will be your attorney or attorneys: the person who will make decisions for you.
It is important that your potential attorney understands the big responsibility they are taking on, and what will be expected of them.
In our experience too many people who take on the role of attorney never take advice about what they can do and what they cannot do.
Everyone should take advice when they start acting for the person who has appointed them; the estate will pay for it. Once you’ve filled in and signed the forms, these need to registered at the Office of The Public Guardian.
We engage in this work, and have completed a substantial number of LPAs over the years, we are here to help.
Please do not hesitate to contact us.