People often feel that they don’t need a Lasting Power of Attorney (LPA) until they are older, however that’s when it’s usually too late!
An LPA is a legal document that lets you choose who you want to manage your affairs in the event that you can no longer do so yourself. You elect an ‘attorney’ to take over the management of your Finance & Property and/or your Health & Welfare when the time is right.
It may be needed in your later life if you lose mental capacity but nobody knows what is around the corner. Life is precarious, and a person’s physical or mental health can, unfortunately, change overnight – whether in declining health, or as a result of an unpredictable life changing event such as a catastrophic stroke, sudden accident or stressful event.
Lasting Powers of Attorney have many advantages:
- You can elect an Attorney that you trust to act in your best interests whilst you still have mental capacity – without an LPA an application has to be made to the Court of Protection to seek a Deputyship Order.
- It’s likely to be cheaper to set up an LPA now when you have mental capacity – it can be expensive and take a lot of time (one of my clients has been waiting almost a year) to apply for a Deputyship order through the Court of Protection.
- The LPA can be used if you are temporarily incapable of acting on your own – you chose when it is time for somebody to manage your affairs and if you feel like you can start acting alone again, you can do so!
- It helps your loved ones deal with your affairs quicker – at a time that is usually quite stressful and emotionally draining, the document is already in place and can mean that your family can quickly gain access to your finances to pay bills or make decisions regarding your health.
- Most importantly, it provides you and your loved ones with peace of mind!
If you would like to discuss potentially establishing an LPA or have a chat about who you feel would be most appropriate as an attorney, please contact us at Fogwill & Jones. Our Solicitor, Helena, from our sister company, Fogwill & Jones (Legal Services) Ltd, will be able to assist you with any questions you have.
If you would like to discuss estate planning or any other financial planning matter, please do not hesitate to contact us on 0114 2588899 or email firstname.lastname@example.org. Our Independent Financial Advisers are qualified to provide advice in the areas of retirement planning, tax planning, savings, inheritance tax, investments and protection.
Source – Sophie Smith – Independent Financial Adviser – 08.10.2019