28

Mar

Lasting Power of Attorney: Why they are not just for the elderly

For many people, planning for a time when you can no longer manage your own affairs is viewed as something that can be put off until the latter stages of life.

However, there really is no time like the present to secure your future with a Lasting Power of Attorney (LPA).

In this article, we will take a look at the importance of having an LPA in place and outline why every adult needs one.

To see how the legal experts at Future Planning Solutions can help get you future ready, today call 01282 695 400.

The importance of planning ahead

Your LPA will allow you (the donor) to appoint one or more people to act as your attorney, who will manage your affairs on your behalf for when you don’t have the full capabilities to do so yourself.

It is understandably a daunting task to consider the deterioration of your health, but mental and physical incapacity can occur at any given time.

Statistics from Headway.org reveal that in the UK, someone is admitted to hospital every 90 seconds with a brain injury.

Furthermore, latest research from the Alzheimer’s Society predicts that over 1 million UK residents will suffer from dementia by 2025, before soaring to a staggering 2 million suffers by 2051.

And with the reported rise in people in their 40’s being regularly diagnosed with dementia, we cannot stress enough the importance of creating your LPA while you still have the chance. An LPA cannot be made once capacity has been lost.

You may also wish to consider than an LPA can be used in certain circumstances when you cannot be easily reached. For example, with a Property and Finance Lasting Power of Attorney, if you in hospital or abroad for a period of time, you can choose for your attorney to act on your behalf.

You can learn about the different types of LPAs and how they operate by clicking here.

The risks of not having an LPA in place

If, for whatever reason, your mental capacity deteriorates to stage where you can no longer control your affairs, and you have not taken out an LPA, what are your options?

It may be that in order to act on your behalf a family member or close friend applies to the Court of Protection for a deputyship order.

However, the cost of a deputyship order is often more than the cost of a Lasting Power of Attorney and will also be subject to annual fees. Deputyship orders commonly take months to come into force too, meaning that important decisions could be delayed.

In our experience, it is far easier to appoint an attorney than to become a deputy – by writing a Lasting Power of Attorney you are not losing control, you are taking control for when the unexpected happens.

Contact the LPA specialists at Future Planning Solutions now

If you would like to find out more about how a Lasting Power of Attorney can benefit you, contact the dedicated team at Future Planning Solutions.

Our expert solicitors are on hand on 01282 695 400.

Alternatively, if you are unable to speak to us over the phone right now you can provide us with a few of your details and request a call back at a more suitable time by completing our quick and simple online contact form.

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