Why Have an LPA?

Why set up Lasting Powers of Attorney?

We hear a lot in the media about having a Will in place for when we die and what the consequences of not having a Will are but we don’t hear quite so much about what would happen if we become incapable through illness or injury, of making decisions for ourselves whilst we are still alive, for example if ‘mental capacity was lost due to Dementia or a stroke.

Lasting Powers of Attorney (LPAs) allow you to choose who to appoint as your Attorneys, the only restrictions being that they must be over eighteen, have full mental capacity and be willing to undertake the role. The important thing is that you are able to choose those people such as family members or close friends that you can trust to act in your best interests.

If you should lose capacity without an LPA in place

• A joint building society or bank account may be frozen or restrictions imposed if ONE of the account holders is deemed to lack mental capacity.
• you may not be able to stay in you own home or indeed live where you had intended, such as being moved to a residential home, in unfamiliar surroundings, if this is what others deem is in your ‘best interest’ to keep you safe.
• you may be given life-sustaining treatment that you might otherwise choose not to receive if you have not made clear your decisions before losing mental capacity?
• your relatives will have to go to the Court of Protection to apply for a Deputyship – a costly process. While the Court will make every effort to act in your best interests, you cannot assume that they will make the decision you would wish for and choose who you would want to act as your Deputy.

Uncertainty over your future can be avoided if the correct Lasting Power of Attorney’ (LPA) is in place so that others are clear of your decisions and preferences.

• You can control what your Lasting Power of Attorney will be used for – If your affairs are complex, you may well wish to exclude an Attorney from a specific area. This may apply, for instance, if you own a business or are a Director and one of your Attorneys could have a conflict of interest.
• A Lasting Power of Attorney is the most cost-effective solution – Besides being the most efficient method of protecting your affairs, an LPA is a the most cost-effective option by far.
• Whichever way you look at it, setting up a Lasting Power of Attorney is the best possible way of protecting yourself in case of losing mental or physical capacity, and the sooner you do it, the better. To discuss setting up an LPA, please get in touch with us today.