19

Jul

How a Lasting Power of Attorney helps you prepare for the future

It was recently reported that the UK is heading for a dementia crisis, with millions failing to prepare for losing mental capacity.

Figures suggest that around 12 million Britons at high risk of future incapacity have planned to ahead to ensure their wishes are met with a Lasting Power of Attorney (LPA).

Why could this be a problem for you?

An LPA allows you to appoint someone to manage your affairs for you should you become unable to do so.

However, one third of people admit that they have made no plans for later life such as writing a will or making a Lasting Power of Attorney.

If you were to lose capacity before making an LPA, a friend or loved one would have to apply to the Court of Protection to manage your affairs. This can be a long and complicated process during, often causing difficulties in paying bills or making decisions on your care.

By making an LPA early, you can choose who will handle your affairs should you lose capacity in the future.

Why you should make an LPA as soon as possible

We often view dealing with the future as a doom and gloom affair. However by making an LPA as soon as possible, you can have much more input into any decisions taken by your chosen attorneys.

Your attorneys are the people you choose to handle your affairs when you are no longer able to do so yourself. You can specify what decisions you are happy for them to take and your behalf and how they should act.

Planning for the future now can mean that you have a greater say in the decisions that are taken on your behalf should you lose mental capacity.

Why do you need a solicitor to make an LPA?

Although it is possible to make an LPA yourself, choosing an experienced solicitor has many benefits.

The most important of these is that you can have peace of mind in knowing the LPA will be correctly drafted. Any mistakes that are made on a ‘DIY’ LPA may not be discovered until after the person has made it has lost capacity.

Your solicitor will also be able to answer questions you have on which type of LPA you should make, how many attorneys you should appoint and how they should act on your behalf.

If your chosen attorneys need any advice on their role, your solicitor can also be available to talk them through any questions they may have.

Want to find out more about making an LPA?

For more information on making a Lasting Power of Attorney, call our dedicated team today on 01282 695 400.

Or, if you’d prefer to arrange a call back with a member of our team, simply complete our quick online contact form here.

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