Why make a Lasting Power of Attorney?

Why make a Lasting Power of Attorney?

If you’re married or in a civil partnership, you may be surprised to know that you and your spouse would not automatically be able to deal with each other’s bank accounts and make decisions about each other’s healthcare, if you lost the ability to do so. Without a Lasting Power of Attorney in place, neither of you have the authority.

What is a Lasting Power of Attorney?

A Lasting Power of Attorney (LPA) is a legal document that enables you to appoint one or more trusted people (attorney’s) to manage your affairs and make decisions on your behalf in the event that you lose mental capacity. There are two types of LPA, one for financial decisions and one for health and care decisions.

What happens if I lose mental capacity without an LPA in place?

If you were to lose capacity to manage your affairs without an LPA in place, your loved ones would need to make an application to the Court of Protection for an individual known as a ‘Deputy’ to manage your affairs.

Advantages of putting an LPA in place now

Once an LPA has been registered with the Office of the Public Guardian (OPG), it is available for use immediately.

In contrast, it takes several months for a Deputyship application to be processed by the Court of Protection, during which time there may well be nobody able to access your bank accounts or take decisions on your behalf. Sadly, this was the reality for TV presenter Kate Garraway when her husband, Derek Draper, contracted Covid-19 and became incapacitated. Kate couldn’t access his bank or credit card accounts, their joint savings, nor refinance the mortgage as Derek didn’t have an LPA in place.

You have Control

When you make an LPA, you can include instructions to guide your attorneys. For example, you could specify that your home is not to be sold unless, in your doctor’s opinion, you can no longer live independently.

Peace of Mind

Putting in place one or both types of LPA can give you peace of mind that your affairs will be taken over by trusted individuals in the event that you are no longer able to take the decisions yourself.

To read more detailed information on the benefits of having an LPA in place, please click here. Our friendly team are here to assist with any questions you may have about putting a Lasting Power of Attorney in place – please get in touch.