Have you arranged your Lasting Power of Attorney yet?

 You may not need it now, but registering your Lasting Power of Attorney can save you a lot of money and stress in the future. Let’s find out more.

You probably know already how important it is to arrange a Will - so you can choose what happens to your assets after you die and make it easier on your loved ones. But what about if you need someone to help run your affairs while you’re still alive? It’s not nice to think about, but as you get older, your health can deteriorate. You may lose your physical or mental capabilities, or you may require long-term care. What then?

In a country with an ageing population and cases of dementia on the rise, having a Lasting Power of Attorney (LPA) in place has never been more critical. Arranging your LPA before you need it can make things a lot less stressful and expensive. In this article, we’ll explain what a Lasting Power of Attorney is, why you need one and how to get one.

What is a Lasting Power of Attorney?

A Lasting Power of Attorney is a legal document that allows someone (or multiple people) to make decisions on your behalf if you lose the mental capacity to make those decisions yourself. You can draw up an LPA anytime you like; the document will just sit on file until you need it.

There are two types of LPA – Health and Welfare, and Property and Finance. Let’s look at both of these:

 Health and Welfare LPA:

·         It allows the Attorney (chosen by you) to speak with doctors and give consent to medical treatment on your behalf

·         Without a Health and Welfare LPA in place, even your spouse cannot make these decisions for you

·         Your Attorney can also fight your corner on care decisions. For example, if your local authority is asking you to move into a care home, but you want to stay in your own house

Property and Finance LPA:

·         It allows your Attorney to manage your financial affairs on your behalf, from pensions and taxes to insurance and energy bills

·         If you need to sell or buy property, your Attorney has the legal authority to act in your name

·         It can be used if you lose your mental capacity, or even if you find paperwork too much to deal with 

Benefits of Lasting Powers of Attorney

There are so many benefits to having an LPA in place.

Firstly, you get to choose who looks after your affairs instead of having someone else make those decisions for you.

Next, having an LPA in place eases the burden on the people close to you. If you don’t have one in place and you lose your mental capacity, you will need the Court’s intervention. It can be a long, stressful and expensive process for someone to get legal control of your affairs, even if it’s your spouse or your children trying to do it.

It’s extremely simple (and affordable) to arrange your LPA. At Couchman Hanson, we’ll meet with you for around 20 minutes to get all the information we need. Then we’ll go away and draw up the papers and get you back in to sign them. Once you’ve signed and it’s registered, you’re all set.

Finally, today’s Property and Finance LPA is a flexible instrument. Once it’s registered, you can activate this LPA whenever you need it.  For example, if you had a stay in hospital, you could choose to use your LPA so your chosen Attorney can look after your affairs temporarily, then take it back once you’ve recovered.

What’s stopping you?

Once your LPA is registered, if anything happens to you, whether it’s dementia, a stroke, an accident, depression or anything else, you can rest assured your affairs will be looked after by someone you have chosen who cares about you. Not having one can lead to disaster, but it’s all avoidable.

One thing to remember though – you need full mental capacity to be able to make your LPA, so we always advise you to get it done before you retire. 

At Couchman Hanson, our solicitors genuinely care about getting the best outcome for you. We’re highly professional, with ‘city’ level talent and experience, but also friendly and welcoming. Everything we do fits with our values of integrity, honesty and authenticity.

 Call 01428 774756 or visit couchmanhanson.co.uk