A Lasting Power of Attorney (LPA) is a legal document that gives someone you trust, known as your “Attorney”, the authority to make decisions on your behalf at a time you become unable to do so yourself. It is an important document for anyone over the age of 18, and regardless of age or health, you need to put them in place. An LPA will ensure your wishes are respected and your financial affairs managed appropriately in the event that you lose what’s known as mental capacity.
Sadly, a large majority of people including those over the age of 40, still do not have an LPA. This can have extremely serious consequences if they become unable to make decisions for themselves. In this article, we will discuss why having an LPA is important and what can happen if you do not have one registered.
First, it is important to understand what an LPA does. This document gives your Attorneys the power to make decisions about your property and financial affairs, as well as your personal welfare, if you become unable to do so yourself. This can include paying bills, managing investments, and making decisions about medical treatment, including life sustaining treatment.
Having an LPA in place provides peace of mind and protection in the event of unexpected illness, like dementia, stroke, heart attack or serious injury. If you do not have an LPA, no one, including your spouse or family member can legally take care of your affairs. So, if you are unable to make your own decisions, your family will have to go through a court process to appoint a deputy (someone deputising as an Attorney), and this is a laborious, time-consuming, and a very expensive process.
In addition, without an LPA, the court will decide who will make decisions on your behalf, which may not be someone you would have chosen yourself. This can lead to disagreements among family members and can cause unnecessary stress and worry during an already difficult time.
Furthermore, without an LPA, your finances will be frozen, and your family may have to go through the courts to access them, further exacerbating an already difficult and emotional time. Such court proceedings are complex and can take best part of a year to complete. During the time it takes for the courts to reach a decision, and with your financial accounts and those you hold jointly with others frozen, it will likely lead to financial difficulties for your family, as they are unable to access the funds they need to cover daily expenses.
In addition to these practical considerations, not having an LPA can also have a significant impact on your personal welfare. If you become unable to make decisions about your own care and treatment, your family will not be able to make these decisions for you without going through the courts and in the meantime Social Services will be taking on those decisions for you. This can result in delay in receiving appropriate care and can also cause stress and anxiety for you and your family.
In conclusion, an LPA is an important document for anyone over the age of 18, regardless of their age or health. It can help ensure your wishes are respected and your financial affairs managed appropriately when you can’t do so yourself.
It is never too late to put an LPA in place, and it is a straightforward process that can be completed quickly and easily with our help. Even if you have a Will and think your affairs have been taken care of, this is true only at the time of your passing, but it is only with an LPA that you can be sure you will be looked after in the way you would want to be treated, while you are still alive.
So, if you have not written an LPA and are over the age of 18, get it put in place now before it is too late as you cannot write an LPA when you have lost mental capacity. Ensure your wishes are respected and your affairs managed exactly as you would want during your lifetime should the worst ever happen. An LPA is like an insurance policy, you hope you will never need it, but you’ll be eternally grateful if you ever do.
If you are considering making an LPA, please call Roger Bourdon on 07958 221 460 or email [email protected] to make an appointment.