Lasting Powers of Attorney (LPA).
Why everyone should have them…
Essential for everyone
It’s as important as a Will.
If you lose mental capacity the people you have already chosen (not the state) can look after your welfare
LPAs can save £’000s.
An LPA is quite separate from your Will. It is a legal document that allows you to choose people such as family members or friends to make decisions for you if you lose mental capacity through accident, illness or old age.
It must be applied for BEFORE capacity is lost.
So why have most people not got one? Because people don’t understand the system that has to be followed and believe (quite wrongly) that the husband/wife etc. will automatically take over and run things…………….it doesn’t work like that.
So, what really happens? If you lose capacity without having an LPA your solely owned assets including bank accounts can be frozen whilst the Court of Protection decides who should manage your affairs. Jointly owned assets such as the house cannot be sold. The Court will appoint a “Deputy” (NOT your husband/wife/family member) to take over your affairs and then the fees start mounting up. Every penny spent has to accounted for to an officer of the Court. Your husband/wife/family member can then apply to manage your affairs on your behalf but the process can take several years and cost thousands of pounds.
All this can be avoided by doing LPAs now! Then the person(s) that YOU HAVE CHOSEN can take over immediately thus saving huge amounts of money and hassle. In short, everyone should have LPAs.
There are two types of LPA, one for Property and Financial Affairs and one for Health & Welfare.
Please feel free to ask us for a more detailed explanation about LPAs without any obligation.