Lasting Power of Attorney
Whilst it is normal for us to take good health for granted, it is wise to make provision for the unexpected. However, over 80% of the population do not have a Lasting Power of Attorney in place.
In the same way as a Will does, a Lasting Power of Attorney (LPA) will give you peace of mind and reassurance that the future is taken care of.
A Lasting Power of Attorney can be an important legal document should you become unable to make decisions about your finances or health.
However, it is not possible to make an LPA once you lose mental capacity which can be caused by dementia.
1 in 14 people over the age of 65 have dementia in the UK. That is 1 in 79 of the whole population. These figures are set to rise. More than half of UK adults know someone who has been diagnosed with dementia.
With an LPA if you are unable to manage your affairs yourself, you can appoint someone you trust to make decisions on your behalf. This person is called an ‘Attorney.’
There are two different types of Lasting Power of Attorney. You can choose one or both, depending on your individual circumstances:
Lasting Power of Attorney – Property and Financial Affairs
This LPA authorises your Attorney to manage anything that relates to your property and financial matters. Many people assume that if they become incapacitated their spouse, partner or children would be able to make decisions and transactions on their behalf, however this is not the case.
In the absence of an LPA your relatives may have to make an application to the Court of Protection to become a Deputy which is a lengthy process and substantially more expensive than an LPA.
With a Property and Financial Affairs LPA your Attorney can make payments from your bank account, receive benefits on your behalf, receive bank statements and pay your bills and expenses. Without an LPA you may find that your bank account is frozen.
Lasting Power of Attorney – Health and Welfare
This type of LPA allows your Attorney to make decisions that affect your personal health and welfare if you are unable to make those decisions yourself. For example, your Attorney can make decisions about medical and life-sustaining treatment. Your Attorney(s) must always act in your best interests and it is important to ensure therefore that they are fully aware of your wishes. A Health and Welfare LPA can be used to achieve this.
For free advice about a Lasting Power of Attorney, contact us on 01925 937070 or email Diane Massey at diane@dsmlegal.co.uk.
What is included in the cost?
- Home, hospital and care home visits, if required
- Preparation of the Lasting Power of Attorney
- Completion of the Certificate Provider’s statement
- Witnessing of your signature
- Witnessing your Attorney’s signature(s)
- Registering the LPA(s) with the Office of the Public Guardian
