Lasting Powers of Attorney or ‘LPAs’ are often not thought about until it is too late.
There may be a time in your life when you no longer have the physical or mental capacity to make informed choices about your finances, health or care decisions. This could be through accident or illness, or there may be a time when you require occasional assistance.
Granting someone Lasting Powers of Attorney alongside creating your Will can provide you with clarity and the peace of mind as to who will be responsible for managing your finances or your health and care decisions should you ever lose capacity.
There are two types of LPA that should be considered:
Health and Care
This LPA grants a person you designate as your ‘Attorney’ the power to make decisions on your behalf involving your personal health and care decisions. This may include making decisions about what day-to-day care you should receive, arrangements for medical treatments and other medical matters. Your Attorney may also make care home decisions.
Property and Financial Affairs
Your Attorney under this LPA will be able to take decisions to manage your property and financial affairs. If you wish your Attorney can manage these affairs whilst you still have capacity, taking your consent at each decision made. Financial decisions also include the sale or purchase of property, the management of bank accounts and collecting your pension. It can also include the little day to day things such as food shopping or going to the bank when you are unable to or require help.
What happens if I do not have an LPA in place and lose capacity?
If someone has lost capacity, they cannot make an LPA as it must be done in advance.
- The only alternative is a deputyship application made to the Court of Protection.
- This can be time consuming (3 to 12 months) and expensive, it is not always appropriate, especially in the event that someone loses capacity suddenly and decisions need to be made quickly.
- The court would have ongoing oversight over decisions made on your behalf to protect you.
Without an LPA in place, it is unlikely that your affairs will be handled in the way you would prefer.
We can help guide you through the process of appointing suitable Attorneys and consider all the aspects of your future that may require attention. For further information on LPA’s, the creation of Wills or estate management please do not hesitate to contact us on the number provided below.
For more information contact Newnham & Jordan Solicitors today on 01202 877 400 to enquire our Estate Planning services.
- We offer confidential appointments in person or by Zoom.
- You are also welcome to email us at: privateclient@Newnham-Jordan.co.uk.
This article is intended for general information purposes only and shall not be deemed to be, or constitute legal advice. Newnham & Jordan Solicitors, in Wimborne Dorset, cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article.