The Importance of Lasting Powers of Attorney
The importance of Lasting Powers of Attorney
A Lasting Power of Attorney (LPA) is a legal document which allows the “donor” to choose a trusted person or persons (attorneys) to make financial decisions or health and care decisions on your behalf. It is very important to do this whilst you have mental capacity as this is an essential requirement of the procedure.
Making an LPA is a decision that can be made at any time. However, it should always be made before an individual loses mental capacity.
Once the LPA is in place it can continue to be used where there is a loss of capacity.
Loss of Mental Capacity
Where a Lasting Power of Attorney has not been made the situation becomes more complex.
An application would then have to be made to the Court of Protection on behalf of the person who had lost mental capacity, to become a court appointed deputy. This process is expensive and time consuming. The Deputy would also remain subject to the requirements of the Court for the lifetime of the patient; this includes payment of annual bond and administration fees and submission of accounts.
What happens if I do nothing?
The situation for your family and friends will be much more complicated and you may lose the opportunity to retain control of your affairs by a person of your choice.
Whatever your age, the preparation of an LPA is clearly an important decision to make and you can save a great deal of uncertainty and expense by taking action now. Please contact us on 01282 433241. A member of our Private Client Department will be happy to assist you and answer any questions you may have.
The earlier you make this decision, the less chance there is of you having any mental health issues which could render it impossible for you to appoint a LPA.
Avoid any uncertainty by contacting us. Our Private Client Department will do everything possible to assist you.