Statistics show only 14% of UK Adults have a Lasting Power of Attorney (LPA) in place, yet it is something that everyone should consider when making a will, writes Nerina Farmer, of Ringrose Law.
But why is an LPA so important and why should you have one?
Firstly, what is an Lasting Power of Attorney?
An LPA is the legal procedure where you are able give someone you trust the legal authority to make decisions on your behalf when you may not be able to.
You can appoint one or more people, known as attorney. These attorneys are appointed to make decisions on important matters such as medical treatment or access to finances.
There are two types of LPA.
Health and Welfare: This can cover where you should live, medical care, social activities etc.
Finance and Property: This includes buying and selling property, paying bills, investing money.
It is recommended to have both in place.
Five reasons why you should have an LPA:
It can help to make decisions when you aren’t able to do so.
When an LPA is made and registered it can allow attorneys to make decisions when you do not have capacity. This is important as you never know when something may happen and when you may not have the ability to make your own decisions.
It can cover the loss in mental capacity by illness and even if there were to be an accident resulting in brain injury, each case is different and considered on a case-by-case basis.
An LPA can allow attorneys to make decisions as soon as the LPA is registered or only when you don’t have capacity.
This is useful as it can cover situations when you still have capacity but might not have the physical means, such as attending meetings or going to the bank. If you do have capacity your attorneys will still need your consent.
Flexible and tailored to you.
It is important to note an LPA is made by you for you. It allows for you to choose who your attorneys are, what decisions they can make and how they can make them.
For example, you may want both your children as you attorneys or a close trusted friend. You can also decide how your attorneys make decisions.
Our trusted legal advisers will always talk you through and explain the different options and how this can affect you going forward.
Quick and helpful for your loved ones
An LPA is not only helpful for you but helpful for your loved ones because it allows them to make decisions quickly and to understand how you would like decisions to be made.
An LPA helps to avoid lengthy Court of Protection procedures, if you do not have an LPA and you lose capacity it may mean your loved ones do not have the authority to make decisions on care and treatment or access funds needed to pay bills.
In this instance an application is needed to the Court of Protection to allow this, this can be lengthy and costly for you and your loved ones.
Cost effective.
As mentioned above having an LPA avoids the need to pay for Court of Protection applications and the legal costs that come with this.
It also gives you peace of mind that things will be taking care of to your own wishes, which is peace of mind for you.
Easy to make.
An LPA is easy to make and register and our legal team are here to make the process as easy and stress free as possible.
If you would like to discuss making a Lasting Power of Attorney and would like to talk to someone about your options, please contact our wills team in Newark on 01636 594460 or visit us on Castlegate.
