Why do I need Lasting Powers of Attorney (LPAs)?
If you lose capacity, protections are put in place to ensure that you cannot be taken advantage of. Financial Institutions will freeze accounts and medical and care practitioners will not discuss your care. This can cause your loved ones extra stress and upset at an already traumatic time.
Should i set up Lasting Powers of Attorney now? I feel fine and have no medical issues.
A Power of Attorney must be set up whilst the donor still has capacity. It will be too late if capacity is already lost and then your loved ones will have to apply for a deputyship (which can take nine months and cost thousands of pounds)
Its not just in old age when you may need powers of attorney in place. Accident, Stroke, Cancer and many more medical conditions, could mean that you lose capacity to make your own decisions
A Power of Attorney (LPA) is probably just as important as your Will. It allows loved ones to make decisions on your behalf when you no longer can.
An LPA appoints an individual to serve as the ‘attorney’ or legal representative of someone who has become incapacitated due to being rendered incapable of deciding or communicating their own wishes. These decisions include financial arrangements and property decisions, for which a Property & Financial Lasting Power of Attorney is required or medical & healthcare decisions for which a Health & Welfare Lasting Power of Attorney is required.
Reasons why you should have Lasting Powers of Attorney:
You make the decision now and maintain control:
You choose the person you want as your attorney. If you’re incapacitated without an LPA, decision-making responsibilities can be awarded to anyone.
Advise your attorneys or state the limits of their powers whilst you still have capacity. You can add preferences, which guide the attorneys or Instructions that must be followed by the attorneys.
You cannot be coerced:
Any new LPA must be discussed with a certificate provider, which is either a professional or someone you trust, who must verify that you know what you are agreeing to and that you have not been coerced into signing.
The clues in the name:
A Lasting Power of Attorney lasts beyond the point of incapacity and looks after you and your choices if you are no longer able to.
You can have multiple attorneys:
You’re able to name multiple attorneys who can make decisions together or separately.
Financial influence is capped:
Financial gifts are capped. A court order will be needed to approve more sizeable gifts of your money to other people, protecting your finance.
Peace of mind:
Imagine being left unable to communicate your wishes, it’s not nice to think about but it’s important to do so. A Power of Attorney is the best way to protect yourself in that terrible situation.
If you would like to speak to one of our experts about drawing up an LPA, call us on 01603 927273 or email us at [email protected]
