Nobody wants to think about what will happen if they become unable to make decisions themselves through illness, an accident or old age. Having a Lasting Power of Attorney (LPA) can make your affairs far easier to manage if you become unable to do so. It will remove the burden from your family and significantly reduce the stress and cost to your family at a very difficult time.
As we continue to live longer, a large number of us will suffer from dementia and lose the capacity to look after ourselves.
We recognise the importance of an LPA and that it can make things easier for family and business partners at what is a difficult and distressing time.
That’s why we believe LPAs are an essential part of any long term plan and will make sure they are a key element in any of our recommendations.
A Lasting Power of Attorney:
- Allows you to nominate the people you trust to manage the different aspects of your affairs in the event that you are no longer able to do so for yourself
- Removes the time and cost associated with a Deputyship application to the Court of Protection
- Can appoint business partners or others to take over the running of the business on the mentally incapacitated business owner’s behalf
- Can appoint family to make decisions regarding personal finances and health and welfare
- Is registered with the Office of the Public Guardian before use
- Can contain restrictions and guidance to Attorneys if appropriate
There are two types of LPAs and we would always recommend that you consider having both in place
A Property and Financial Affairs LPA
This deals with your property and other assets. You can restrict it so it’s only used if you lose mental capacity or you can apply it more widely. For example if you’re unwell, starting to struggle with mobility or are going abroad. It lets you choose how you’d like your finances and assets to be managed.
A Health and Welfare LPA
This deals with your healthcare and treatment.
Unlike the Property and Financial Affairs LPA, it can only be used if you become unable to make decisions yourself. You can choose to give your Attorney the authority to decide on the treatment and type of care you receive.