Lasting Powers of Attorney – Sooner the Better
Many see Lasting Powers of Attorney (LPAs) as the reserve of the elderly. But this could not be further from the truth. Sadly, young and old are at risk of losing mental capacity because of accident or illness. If this happens, your loved ones will be desperate to help in any way they can, but it is not always possible without an LPA. You will save your family time, money and stress if you have the foresight to put LPAs in place.
LPAs allow you to appoint people you trust to make decisions for you if you lose the mental capacity to make decisions for yourself (Attorneys). You can appoint Attorneys to make decisions over your property and financial affairs and/or your health and welfare.
Many couples may have access to each other’s bank accounts online. However, if the worst happens and you need to speak to the bank/go into the branch, for
example, you would not have the authority to take action without proof of an LPA. You would not be able to move house without an LPA either. Having attorneys appointed for your health and welfare means you can rest assured that someone you trust will be able to help you if you lose the capacity to make those decisions for yourself.
The slight catch is that you must have sufficient ‘mental capacity’ to be able to register an LPA. This means that you must understand the purpose of the LPA and the scope of decisions an attorney can make. A professional or someone who has known you for two years (not a relative) has to be prepared to sign the form confirming that you understand this.
Unfortunately, many people do not think of LPAs until there is a concern or question mark about capacity – this could be too late.
If you do not have the necessary capacity, an application to the Court of Protection is required for the Court to appoint someone known as a ‘deputy’ to make these decisions. This can cost thousands, take months and is best avoided if possible.
My advice is that it is never too soon to have LPAs in place. Of course, there is a cost involved, but in my view, they should be considered an insurance policy –hopefully they will not be needed but they are there just in case. If the correct box is ticked, your Attorneys can help you with your property and financial affairs if you are simply physically incapacitated (i.e. in hospital or perhaps abroad), which can be very useful. Legal advice should always be sought because there are rules on what can be included and the order of signing. In preparation, consider who you would like to act as your attorneys – you must trust them implicitly to act in your best interests – and perhaps ask them if they would be happy to act for you.
Charlotte Clifford – Solicitor
Charlotte.Clifford@mogersdrewett.com