Why should I make a lasting power of attorney or LPA?
We should all make provision for the possibility of becoming incapable of managing our own financial and welfare affairs during our lifetime. This is increasingly important, as the risk of mental incapacity grows through longer lives, a stroke, illness, or accident. This provision is made in the form of a Lasting Power of Attorney or LPA.
Without an LPA you will lose the right to choose who will has the responsibility of looking after your affairs. This can happen at a time when it is vital that your affiars are dealt with quickly, efficiently, and sympathetically by someone who you can trust and knows you. Someone of your choosing who understands your needs and wishes.
If you lose mental capacity without an LPA in place the Court of Protection can appoint people called deputies to manage your affairs. These deputies can then make decisions in the same way as an attorney would. However, this can take up to 6 months (or more depending on circumstances) before a deputy can take control. If you have an LPA already in place, your attorneys can start to look after you and your assets without reference to a court or other government organisation.
You should make 2 LPA’s, one which deals with your property and financial affairs, and a second which covers health and personal welfare matters. You can appoint different people to be your attorney for each LPA if you prefer.
An LPA which is written by a qualified and regulated person/practice will ensure it is correctly drafted and explained to you without complicated legal terms. We will also check to ensure you understand its nature and effect to ensure it is valid.
Contact Teresa or Laura now for a friendly chat to discuss an LPA or for any help with planning for the future.