Property and Financial planning

Why should you make a Property and Financial Lasting Power of Attorney?

Although it is often difficult for us to consider what will happen when we can no longer manage our own affairs, having a Lasting Power of Attorney in place could be crucial.

One person develops dementia every 3 minutes and someone is admitted to hospital with a brain injury every 30 seconds.

Losing your faculties without a Lasting Power of Attorney (LPA) in place could mean that any assets you have cannot be accessed. This could even get in the way of your family paying for medical treatment.

If you’re thinking of making an LPA and would like to talk to one of our experts about your options, call us now on 01282 695 400.

What does a Property and Financial LPA deal with?

A Lasting Power of Attorney is a legal document that allows someone who you trust to make decisions for you if you are no longer able to make them yourself. This person will be named as your attorney.

If you take out a Property and Financial LPA, your attorney can take decisions such as:

  • Paying bills (including household and medical)
  • Claiming or collecting any benefits
  • Maintaining any property you own
  • Selling any property you own

Under a Property and Financial LPA, the person you appoint as your attorney will have access to a lot of personal information so it is important that you choose someone who you trust.

You can also select more than one person as your attorney to work jointly, meaning they would both have to work together on any decisions taken.

When should you make an LPA?

It is never too soon to make a Lasting Power of Attorney. An LPA must be set up whilst you still have mental capacity ‘ if you wait until there is an issue, it could be too late.

Your attorney will only start to make decisions for you if you lose mental capacity to make them yourself. There is no need to worry about giving up control by making a Property and Financial LPA, it is simply there as an insurance in case the worst does happen.

Using a Property and Financial LPA whilst you still have capacity

If you choose to do so, you can use a Property and Financial LPA whilst you still have capacity. This can be used in a variety of ways. For instance, if you have an accident or spend some time in hospital, your attorney can assist you in handling finances and bills. You can then take full control when you are able to.

Do you need a solicitor to make an LPA?

You can make and register an LPA yourself, however there are dangers in doing this. If any mistakes are made, your LPA could be invalid meaning that your family will need to apply to the Court of Protection to handle your affairs.

By talking to a solicitor you can not only be confident that your LPA will be valid but also receive specialist advice on what your LPA will need to cover.

Here at Future Planning Solutions, our dedicated solicitors have helped people across Lancashire make and register an LPA that protects them in a hassle free manner. You can find out more about the importance of instructing a solicitor to make an LPA here.

How to contact the experts at Future Planning Solutions

If you’d like to speak to the dedicated solicitors at Future Planning Solutions about making an LPA, you can call us on 01282 695 400.

Or if you’re unable to talk to us right now, you can receive a call back by completing our quick online contact form.